Appraisals aid your insurer in providing proper insurance coverage of your appreciable property such as antiques and fine art. Appraisals are also used in settling claims for damage or loss.
The value of the property in an estate is often required for IRS purposes or by the trustee of an estate. This report involves a full inventory of all the personal property in the estate with values based on actual sales of similar items.
Sometimes it is necessary to divide property equitably in a court case such as divorce. It is also desirable to include an appraisal in estate planning. Appraisals determine the value of items which assists in the process of reducing household contents or distributing assets among heirs.
The IRS requires an appraisal by a qualified appraiser for deductions of charitable donations of higher value items.
Informed Buying and Selling
A smart shopper or seller knows the value of what they are buying or selling before a transaction is made. An appraisal will help you determine the full story of an item.