Antiques, art, and collectibles appraisal expert witness Lisa M. Barnes is co-owner of Thomas Charles Editions, LLC. She answers the questions: Is an appraisal a legal document and what about the IRS?:
IS AN APPRAISAL A LEGAL DOCUMENT?
Yes! An appraisal by a qualified appraiser can act as a legal document in insurance settlements, divorces, estate proceedings and other matters involving personal property.
WHAT ABOUT THE INTERNAL REVENUE SERVICE?
The IRS requires verifiable documentation on the value of property donated to a non-profit organization. An appraisal in accordance with IRS regulations and guidelines provides you with the information needed to document your donation.
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