Appraisers

It might take us a while to add the two instead of the one as we mature into the beginning of another year, with the decisions and opportunities that challenge us daily. We have been writing Ask the Appraiser for four years and giving you news, views and revelations about several topics: movie memorabilia, inheritance thieves, collections, dangers of new furniture, sterling vs. silver plate, etc.

We are buried in appraisal assignments, and starting this year, audits will be up, especially for tax reports that may have high-end noted tangible properties listed. There are severe consequences if a qualified appraiser is not hired.

We are ISA certified. There are only three certified appraisal companies in Arizona, out of the 113 in the country, and we are over-the-top busy.

We travel statewide and nationally, handling every possible issue: divorce, probate, taxable estates, trust purposes, equitable distribution, appraisal reviews for the courts, expert witness, donations, insurance issues and speaking at continuing education presentations.

A qualified appraiser is an individual who belongs to one of the three recognized national organizations: ASA (American Society of Appraisers), AAA (Appraisers Association of America), and ISA (International Society of Appraisers). Those who claim to be an appraiser (and belong to other organizations such as those associated with auction houses) – or sites that claim to be certified do not have the required education and other requirements to keep in step with the ever-changing issues necessary for a qualified report.

For example, we just completed a review of a “guild” report for a divorce that was poorly written, with no documentation, that cost the client more money and was thrown out of court. The “report” was a sham that created unnecessary significant problems and expenses.

The IRS has hired a team of top-tier appraisal experts as auditors to review taxes, especially high-end with complex tax reports in appraisals documenting art, jewelry, cars, furniture, collections, household contents, donation and gifting. As 2022 matures, the need will increase for local auditors in the field around the country to review and audit tax reports to either point out problems to be settled or forward the audit to the top-tier auditors in Washington for further clarification.

All said and done, we are taking a break from the Ask the Appraisers column for the time being to help with our busy schedules. Thank you for your continued support, and we will see you back in the summer!