Charitable Donation Appraisal
Prestige Estate Services provides donation and charitable contribution appraisals for IRS tax deductions. This kind of appraisal isn’t only for the high net-worth clients. We’ve done donation appraisals for clients who have partial estates or just a few pieces of personal property they need to liquidate. By utilizing an appraisal report our clients can realize the value of the property without an estate sale or auction. Often, higher prices can be realized with a fair market valuation as opposed to a sale or auction when items can be discounted or won’t reach their full value with low minimums or uninterested buyers.
We often work with accountants and fiduciaries to assess value to items in an estate. We also work with builders who have clients wanting to donate the contents of a home that is being remodeled. Depending on where the items are going we can often include demolition items including fixtures, appliances, cabinets etc that have significant value. These types of appraisals will give you fair market value of the entire content. These deductions can result in a greater overall savings than if the decision was to liquidate the content at much lower values through a liquidation sale. While there is a charge to this appraisal service upfront, often we see clients realize a much higher rate of return to the property, than if they had liquidated it.
When are donation appraisals necessary?
Anytime you are donating an individual item or a group of items with value higher than $5,000.00, you are required to have the item(s) appraised by a qualified I.R.S. appraiser. Once the appraisal is written, you have 60 days from the effective date of the appraisal to donate the property listed. If 60 days pass before the donation is made, a new appraisal will need to be produced with a new effective date. This could require another examination of the items, and market analysis depending on how much time has elapsed.
All Prestige Estate Services appraisers are USPAP qualified appraisers and operate under the strictest guidelines and ethical standards. Please contact us for more information regarding donation appraisals.
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