I asked my tax accountant, who is a fairly aggressive "what does the law actually say" type, about the "who can do an IRS appraisal" question. He came back with a non-ambiguous response as to who may legally perform an appraisal to be used as a tax deduction. The answer is not us.
...all the rules, especially regarding the appraiser, have very strict requirements. I see NO exceptions; in fact the appraiser is supposed to be a complete independent 3rd party, in the public business of appraisals for a living. He has to sign the IRS form with tax ID. Qualifications include:
1. Must have earned an appraisal designation from a recognized professional appraiser organization for demonstrated competency in valuing any type of property being appraised., or has met minimum experience and education requirements.
2. Must regularly perform appraisals for which he or she is compensated
3. Can demonstrate verifiable education and experience in valuing the type of property subject to appraisal.
4. Is not an excluded individual
5. Specify which method used and why.
6. Appraisal amount and date
7. Specific basis used for the valuation.
Thus, a piano person is not a certified appraiser, and cannot be unless that's all you do and have credentials.
I'm providing Leon Holder with pictures, my assessment of condition, my opinion about fair market value. He's doing all the paperwork, and sending it to the client directly. I'm paying Leon directly, having been paid my fee and his fee from the client. The fee he's charging me is significantly discounted from the fee he would charge a direct retail client, so the client going directly to him isnot a savings to the client. I could post his fee, but there is probably some reason not to do that. PM if you are interested.
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Jim Ialeggio
grandpianosolutions.com
Shirley, MA
978 425-9026
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Original Message:
Sent: 06-18-2018 08:34
From: Gary Bruce
Subject: Tax appraisals
Jim,
After researching the IRS requirements a couple years ago I came up with the attached document specific for piano donation with the information IRS wants. In addition to it, the organization receiving the donation will likely have you fill out an IRS Form 8283 that they should supply.
Here's a blank copy.
Gary Bruce
Registered Piano Technician
Original Message------
Search the archives, there was this discussion a few months back. If the value is over $5K, you'll need a certified appraiser. I used a guy from NY, I think he advertises in the PTJ. Digital photos might not de allowed as thay can be photoshopped.
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Regards,
Jon Page
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