Charitable Donations and Appraisals: What You Should Know
At Thompson & Martinez Fine Art Appraisals, Inc. our appraisals conform to the latest requirements of the IRS, the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice (USPAP), and the American Society of Appraisers. These standards provide our clients with the highest degree of reliability and accuracy in valuation, and provide a sound basis for the management of fine art assets. In preparing charitable donation appraisals, the IRS requires appraisers to obtain specific information from both the donor and the donee. The following is based on our understanding of current published IRS requirements. Please consult a tax specialist in the case of any questions particular to your situation. (more…)