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IRS Tightens Rules Regarding Appraisers of Noncash Charitable Contributions

Clients should be aware that the Internal Revenue Service established new transitional guidelines in 2006—in anticipation of issuing new regulations—related to how the Service and the Treasury Department defines a “qualified appraiser.”  

Under the new IRS guidelines, the term “qualified appraiser” means an individual who:

    •  Has earned an appraisal designation from a recognized professional appraiser organization or has otherwise met minimum education and experience requirements set forth in regulations prescribed by the Secretary;

    • Regularly performs appraisals for which the individual receives compensation, and

    •  Meets such other requirements as may be prescribed by the IRS in regulations or other guidance.

The guidelines further provide that an individual will not be treated as a qualified appraiser unless that individual demonstrates verifiable education and experience in valuing the type of property subject to the appraisal; and has not been prohibited from practicing before the Internal Revenue Service at any time during the 3-year period ending on the date of the appraisal.  

As accredited and USPAP certified appraisers with more than 19 years of experience, Harrison Appraisals meets all IRS guidelines for preparing your federal estate and gift tax appraisals.  For more information on the changes affecting noncash charitable contribution appraisals, please visit http://www.irs.gov/pub/irs-tege/n2006_96.pdf

 

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