Updated: Aug 3, 2020
Many people don't know the difference between an authorized appraisal vs. "valuation services." They sound so similar, don't they? Experienced dealers who have spent years working with antiques and collectibles can certainly provide you with their opinion of your personal property's value for resale purposes. So how is an appraisal different, why do you need one and when should you get one?
How is an appraisal different than dealer valuation?
Authorized appraisers follow the Uniform Standards of Professional Appraisal Practice (USPAP), which Congress put in place in 1989 following the problems caused by the savings and loan crisis and defines a set of recommended procedures and ethical standards for appraisers. USPAP and other professional appraiser courses require extensive knowledge of IRS regulations governing estate tax, charitable gift donations and dissolutions (of business, or marital agreements). With this background, we move to.... Why do you need an Authorized Personal Property Appraisal? Authorized Appraisals should be considered if you are faced with the following circumstances:
Settling estates for taxes, equitable distribution, or liquidation
Documenting donations of personal property for charities and IRS verification
Verifying values for scheduling replacement or loss for insurance
Valuing for property settlement due to divorce or business dissolution
Documenting support for trusts with a comprehensive inventory appraisal added to the trust
Damage, loss or casualty appraisals to support making you whole under these types of insurance/moving claims
To determine Fair Market Value for appreciated items that you be considering selling.
And finally, When should you get an appraisal?
Ideally, if you or a loved one have personal property of appreciable value, or items that will be income-producing in the future, the sooner the better! Many of the situations identified above are times of great stress, which is compounded by legal requirements, family situations and more. By getting in front of the appraisal process, you know you have ones less thing to consider during trying times. Let us be of service to you, whether you decide to get an appraisal before or after such occurences.