There are many factors to consider when donating an item. Most importantly, you need to have a qualified appraisal written by someone whose qualifications meet the standards of the IRS. In addition, your appraiser should have experience working with museums, non-profits and other charitable foundations to advise you, the client about various aspects of an appraisal for donation.
ARTSmart follows the Uniform Standards of Professional Appraisal Practice (USPAP). This is an appraisal standard set forth by the Appraisal Foundation which is updated regularly. USPAP governs many appraisal issues including the content, ethics, research and standards which must be used. Not all appraisers follow USPAP certification. Many others have no formal training in appraisal studies. Their research and methodology is not based on industry standards and their appraisals can be rejected. ARTSmart appraisals have always been approved by charitable foundations, museums, the IRS and others.
Internal Revenue Service Guidelines and Regulations
Per Internal Revenue Service Tax Regulations 26 CFR § 1.170, and A-1, 1.170A-13(c)(3) our firm is a Qualified Appraiser and completes Qualified Appraisals for estate taxation and charitable donations. Appraisal reports conform to IRS regulations in the inclusion of comparable sale information and justification of values. We always suggest that clients contact their attorney and CPA for legal and tax information which is always subject to change.
ARTSmart New England