An appraisal is recommended to substantiate a donation to a charitable organization of $1,000 but it is required for anything above $5,000.
When donating items that have a value above $5,000, the taxpayer must attach Form 8283 that has been signed by an appraiser.
Equitable Distribution Appraisals are based on fair market value and are often used for distributing property in divorce settlements, business dissolution, as well as for estate settlement.
An estate appraisal is necessary for a taxable estate. It is necessary to efficiently catalogue the property providing an appraisal that meets IRS requirements, but without the level of detail normally provided for an insurance appraisal.
Our estate appraisals are based upon the comparable market data approach and Fair Market Values.
This appraisal will provide the necessary documentation to substantiate the existence, condition and replacement value of your belongings. It is wise to have an update done every five years or ahead of any pending household move.
A damage claim appraisal is used provide an opinion of value to the damaged property. This opinion of value is typically one of fair market or replacement value.
During a damage claim appraisal all details such as wear and tear will be noted as relates to the condition of the property, documentation is made and photographs taken .
Due to the limited level of protection for damage or loss provided by a moving company, this type of appraisal will provide an appraisal of your high value items as it can substantiate both the higher value and their existence.