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Fair Market Value is used in all appraisal reports for United States government federal functions such as non-cash charitable contributions for income tax deductions and estatetax. Fair Market Value is also frequently encountered in equitabledistribution and family distribution appraisal reports.
Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance. Auctionhouses sometimes have free evaluation days, so if you have one in your area, it is worth a call to find out if they have one scheduled.
Estate Planning and Inheritance When artwork is part of an estate, appraisals help with fair distribution among heirs and can be required for estatetax filings. An outdated or missing appraisal could leave you underinsured in the event of an unexpected situation.
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