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All appraisal reports written in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) have to include identification of the level of the market the appraised values are set in and the effective date of the valuation. The next level is Fair Market Value.
The approach to problem identification may be the same in the context of an appraisal for charitable gift or estatetax; however, in an insurance context, appraisers are often faced with specific challenges such as evaluating a property that has already been damaged or stolen.
Today, with over 180 members, the ADAA has expanded its appraisal services from donation to also include estatetax, gift tax, and insurance. A past appraisal is interesting and provides some preliminary identification information. This helps cut down on some research time which saves the client money.
The IRS requires these standards for EstateTax filings. Why is a Personal Property Estate Appraisal Important? There are several reasons why an estate might need a personal property appraisal: EstateTax Filing: As mentioned, the IRS requires appraisals that meet USPAP standards for estatetax purposes.
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