There are various types of appraisals and each has its own purpose. Here are the most common. Contact me for a free consultation as to which appraisal serves your purpose.
INSURANCE APPRAISAL
Insurance appraisals are necessary in order to protect a collection from loss by fire, natural disaster, theft, damage, etc. Insurance companies may have different requirements as to how often their clients need to submit updated appraisals.
DONATION APPRAISAL
Donation appraisals are required by the Internal Revenue Service when a non-cash charitable contribution of one or more items to a qualified institution equals or exceeds $5,000. Donation appraisals are more extensive than insurance appraisals.
ESTATE TAX APPRAISAL
Estate tax appraisals are required by the Internal Revenue Service when the total value of a decedent’s estate exceeds a certain amount.
EQUITABLE DISTRIBUTION
Often for divorce or to fairly distribute the assets of an estate, an Equitable Distribution appraisal values a client’s property at its Marketable Cash Value (the Fair Market Value net of expenses.)
GIFT TAX APPRAISAL
If a person transfers property to another individual and that property is valued over a certain amount, there are federal gift tax obligations for the person making the gift.
DAMAGE & LOSS APPRAISAL
A damage and loss appraisal (also called a diminution in value appraisal) is typically required by insurance carriers when there is a partial or total loss to a scheduled property. This type of appraisal takes into consideration many factors including the scheduled replacement value and the cost and predicted outcome of conservation/restoration.