IRS Qualified Appraisals and Certified Reports
AN IRS QUALIFIED APPRAISER AND CERTIFIED REPORT
The Appraisal Foundation is authorized by Congress as the source of appraisal standards and appraiser qualifications. In the early 1980’s, the crisis in the savings and loan industry highlighted the need to improve appraisal practices throughout the United States. The difficulties and losses experienced by many lending institutions illustrated the importance of ensuring that appraisals are based upon established, recognized standards, free from outside pressures.
The Appraisal Standards Board, of the Appraisal Foundation, sets forth the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP). USPAP contains the recognized standards of practice for real estate, personal property and business appraisal.
Reports produced for the benefit of the IRS are typically Estate Settlement appraisals and Charitable Donation appraisals. The IRS requires appraisers that adhere to USPAP and reports that are USPAP compliant. Therefore, when considering an appraisal professional for an Estate Appraisal or Donation Appraisal it is wise to ask “are you an IRS qualified appraiser” and if the reports produced “adhere to all USPAP standards?” If “no” to either question it is in your best interest to move onto another appraiser.
The appraisal professionals at Nugent Appraisal Services are all IRS qualified and every report produced is USPAP compliant. If you have a question about a certified report for Estate Settlement, Equitable Distribution, Divorce, Scheduling Insurance, Damage Claim, or Charitable Donation CONTACT US for answers.