Remove Condition Remove Estate Tax Remove Furniture
article thumbnail

Why You Need an Appraisal

Penrose Appraisals

Estate tax liability. State and federal taxes are a complicated subject and you should always be guided by your accountant or tax advisor. But in determining the tax owed, an appraisal may be required in order to value all of the belongings of the estate. For example, in Pennsylvania, the tax is 4.5%

article thumbnail

Understanding the Different Levels of Value: It’s Worth What Where and When?

Artifactual History Appraisal

When applicable, sales and/or import tax, commissions and/or premiums are included in this amount.” ( Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts , 2013, Appraisers Association of America, page 438.) The next level is Fair Market Value.

article thumbnail

Personal Property Estate Appraisal Explained

ValuePros Appraisal Services

What is a Personal Property Estate Appraisal? A personal property estate appraisal is a professional assessment of the value of tangible assets within an estate. This includes items such as furniture, art, collectibles, jewelry, vehicles, and household goods. The IRS requires these standards for Estate Tax filings.