The IRS requires a qualified appraiser, USPAP compliant (Uniform Standards of Professional Appraisal Practice), for submission of Estate Tax appraisals. An unqualified appraisal will be rejected and possibly fined. In addition, there are specific market levels and approaches associated with an Estate Appraisal which directly influence values. The misuse of these levels and approaches could result in higher taxation or lower than allowable values--audit.
Collector’s Fine Art Appraisal is exceptionally reputable and has performed hundreds of IRS qualified and accepted appraisals. Whether retained for general furnishings or the highest level of collections, antiques, fine art, textiles, or ethnographica, we have vast exposure. Likewise, if there is an object outside our area of expertise the appraisal will be performed by an expert of that field.
True Story: We were retained by an estate which owns an enormous collection of vintage posters for an appraisal review. The trustee was suspecting inaccurately high values. In fact with a small sampling, discovered that indeed the values, for the purpose of estate tax, were inaccurate. The marketplace levels and comparable sales records were inappropriate and thereby the values were tremendously overstated. Had this been an appraisal for the final passing, no surviving spouse, the estate tax would have been unnecessarily higher.
If we can be assistance to you please call (970-948-2950) or email us.
Barbara Preston, Member Appraisers Association of America, NY