Insurance policies provide payment for loss of personal property through fire or theft. A professional appraisal prior to the loss is essential for protecting the value of your property. In the event of a loss, proof of ownership as well as a claimed value must be provided by the owner to the insurance company. Most insurance companies require updated appraisals every few years.
In an effort to insure an equitable distribution of monetary assets, the courts often make their awards decisions based on the determined value of all marital property. In such instances, objective appraisal services are necessary to assign values and determine an equitable division of assets.
State tax regulations require that property in the estate be inventoried and appraised to establish a basis for determining estate taxes. This appraisal also becomes useful when the estate must be divided equally among heirs or when donations from the estate to charitable organizations are to be made.
If a federal estate tax return must be filed, federal regulations require appraisals to meet strict criteria and be performed by a qualified appraiser. Our appraisals are conducted in accordance with the state and federal Estate Tax Code.
The Internal Revenue Service requires that a donor obtain a qualified, outside appraisal for any donation worth more than $5,000. IRS publication 561 (Rev. October 2005) describes the charitable donation process, including a lengthy description of “Fair Market Value.” Changing legislation and strict IRS procedures make it essential that donors seek assistance from a knowledgeable, qualified appraiser for tax purposes.
CHOOSING AN APPRAISER
No legal certification or licensing requirements exist for personal property appraisers and no government testing nor standards guide the profession. Because of this, it’s important to find an appraiser who has established expertise and professional training in appraisal principles, theory, ethics, law and procedures. The International Society of Appraisers (ISA) requires the successful completion of coursework and examination for its members.
Please Note: Kings Wood Art does NOT do appraisals.
For more than 45 years, the ADAA Appraisal Service has appraised works of art for tax purposes. The service has been used by collectors and museums to determine the value of important works of art from old master paintings to contemporary art installations. ADAA appraisals have an outstanding acceptance record with the IRS and are known for their professional quality.
Listing of professional art appraisers listed by state. We strongly suggest that you always have a current and updated appraisal of your art and artworks. That way you will know the artworks value and can contact your insurance carrier to make sure the artwork is covered for the correct value.