Qualified Appraisal

What is ‘Qualified Appraisal’

An appraisal document that is created, signed and dated by a qualified appraiser and meets the requirements set forth by the Internal Revenue Service (IRS). A qualified appraisal is made no sooner than 60 days before a piece of property is donated. The document is used to notify the IRS that the value of a piece of property is in excess of $5,000.

A qualified appraisal is attached to Form 8283 and filed with a tax return if a deduction is being requested.

Explaining ‘Qualified Appraisal’

Determining the value of a piece of property is especially important when making a donation, since an improper valuation can result in either a deduction lower than what the property could bring or a red flag by the IRS for a valuation that seems too high.

Further Reading

  • Improving qualifications‐based selection by use of the fuzzy Delphi method – www.tandfonline.com [PDF]
  • The Lawyer's Business Valuation Handbook: Understanding Financial Statements, Appraisal Reports, and Expert Testimony – books.google.com [PDF]
  • Real options in practice: an exploratory survey of how finance officers deal with flexibility in capital appraisal – www.sciencedirect.com [PDF]
  • The economic and financial control of UK nationalised industries – www.jstor.org [PDF]
  • Daubert and Qualification of the Appraisal Expert Witness. – search.ebscohost.com [PDF]