What is a “qualified appraiser” and why should I hire one?

The Internal Revenue Service uses this term which requires that appraisals for tax purposes (estate and donation) must be done by an appraiser who meets certain qualifications. The appraiser must have a designation to appraise from a recognized appraisal organization (such as ISA, ASA or AAA). The appraiser must be competent and meet certain educational requirements as well as have proper experience. For more information on this topic please check IRS code, Section 170(f)(11)(E)(ii). 

 

Qualified appraisers have formal education in appraisal theory, principles, procedures, ethics and law.  There is now quite a bit of information available to the general public, however, only a trained appraiser is qualified to write a qualified appraisal report. There are many self-proclaimed personal property appraisers who have not completed any professional education. Qualified appraisers must attend the USPAP (Uniform Standards of Professional Appraisal Practice) course and pass a written examination every two years.