The IRS has released a list of tips to assist with obtaining tax deductions on charitable contributions. For non-cash contributions with a fair market value of $5,000 or more, a qualified appraisal is required by a “Qualified Appraiser”. See tip #9.
IRS Tax Tip 2013-45, April 1, 2013
Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these nine tips to help ensure...
Posted by personalpropertyappraisals on Apr 5, 2013 in Donation
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There are many times in a person’s life when they need to make plans regarding their collections and other personal property:
1) Estate planning
3) Distribution to family members
5) Tax planning
An essential part of this process is to have your collection appraised so that you can find out current values and make informed decisions. The appropriate level of value is Fair Market Value.
Posted by personalpropertyappraisals on Mar 26, 2013 in Antiques and Collectibles
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An opportunity to learn about the connoisseurship of antique and collectible dolls will be available at a Dollmastery Seminar conducted by Florence Theriault in Los Angeles on Friday April 12 , 2013. It will be followed by two days of catalogued doll auctions on April 13th and 14th. All events will be hosted at the Universal Hilton by Theriault’s, one of the premier doll auction companies in the U.S. For more...
I frequently receive calls regarding valuation for non-cash charitable donations, so I’d like to address questions from an appraiser’s point of view. I cannot give tax advice, so a consultation with the appropriate professional is recommended.
Prior to accepting the assignment, the appraiser will ask a number of questions:
What do you have to donate? How were the items acquired? Which charity are you donating to and...
Posted by personalpropertyappraisals on Aug 26, 2012 in Antiques and Collectibles
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The fanfare, emotion and sports competition of the 2012 Olympics has passed. Many collectors have found a way to extend the excitement year round by collecting Olympic memorabilia.
You can start out inexpensively by collecting pins, coins, stamps and mascots from recent years. Some collectors progress to a higher, more expensive level including medals and torches. There’s something for every interest and...
Posted by personalpropertyappraisals on Jul 4, 2012 in Appraising and Qualifications
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There are many situations when an appraisal of personal property is needed for estates. If someone calls and says “I need an estate appraisal”, a few additional questions should be answered so the proper service can be provided. Depending on the circumstances, they may need an appraisal of the entire residential contents or just a specific list of items. The intended use of the appraisal will guide us in the right...