Search Results for: uspap

What is USPAP

What is USPAP?What is USPAP

Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for:

  • Real Property
  • Personal Property
  • Intangible Assets
  • Business Valuation
  • Appraisal Analysis
  • Appraisal Reports

USPAP represents the generally accepted and recognized standards of appraisal practice.

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

SITE SOURCE: [https://en.wikipedia.org/wiki/Uniform_Standards_of_Professional_Appraisal_Practice]

IRS Charitable Donation

IRS Charitable Donation

So your thinking about donating a significant amount of non-cash items for an IRS charitable donation with a possible Fair Market Value of over $5,000? If the value is over $5,000 its a good idea to have it appraised by a qualified appraiser. And a good place to look for a qualified equipment appraiser is the American Society of Appraisers (ASA). ASA is a world-renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties.

We have a significant amount of experience and are up to speed on the changing rules regarding the appraising of assets for charitable donations.  If certain criteria is met it is possible to appraise the assets without an inspection.  Typically we provide a USPAP compliant appraisal along with photos of the subject property, market data, and the IRS form signed by a qualified appraiser.

Call us today to discuss your Asset Appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

Find an Equipment Appraiser

Find an Equipment Appraiser

When it comes to appraising, there is no room for error. By definition, an appraisal is an objective, impartial and unbiased opinion of defined value completed by a competent, ethical and qualified appraiser. It requires an understanding of the client’s machinery and equipment appraisal problem, an identification of the property type, its value-relevant characteristics, and the proper approach to apply in order to appraise the machinery and equipment according to the purpose. Machinery and equipment appraisal reports must be USPAP compliant, meaningful to the client and intended users, relevant to intended use, and not misleading. When appraisers comply with USPAP, the client and intended users can put their faith in the machinery and equipment appraiser’s opinions, analyses and conclusions and believe in the appraisal.
The best place to look for a qualified equipment appraiser is the American Society of Appraisers (ASA). ASA is a world-renowned and respected international organization devoted to the appraisal profession. ASA is the oldest and only major appraisal organization designating members in all appraisal specialties. The American Society of Appraisers is a multi-discipline, non-profit, international organization of professional appraisers representing all appraisal disciplines, including appraisal review and management, business valuation, machinery and technical specialties, and real property. Their mission is to foster the public trust of their members and the appraisal profession through compliance with the highest levels of ethical and professional standards. ASA-accredited appraisers are experts.
The meticulous accreditation process ensures that ASA-accredited appraisers are accurate, impartial and credible. They are educated and experienced in their fields and are respected members of their communities. Most importantly, they deliver independent valuations that assure property is properly appraised. Accredited Senior Appraisers must have at least five years of full-time appraisal experience, meet education requirements, pass all Principles of Valuation courses and submit an appraisal experience log and sample report just for membership consideration. For all of these reasons, it is critical to choose your equipment appraiser wisely.

For the complete article (click here)

What is USPAP compliant? (click here for answer).

Mario de la Guardia, ASA
Accredited Senior Appraiser, Machinery & Technical Specialties
ID: 89017 (click here for ASA bio) 

find an equipment appraiser

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

SITE SOURCE: [Joseph Santora, ASA, http://www.appraisers.org/docs/default-source/discipline_mts/choose-your-equipment-appraiser-wisely.pdf?sfvrsn=2]

Tax Donation Appraisal

Tax Donation Appraisal

The 8283 Form must be completed according to the following:
  • Any personal property with a claimed deduction exceeding $500 but less than $5,000, the client must complete Section A of the Form 8283 and attach it to the tax return (this includes donation of household contents exceeding claimed$500)
  • Any personal property with a claimed deduction of $5,000 or more, Section B of IRS Form 8283 must be completed (including “qualified appraiser’s” and donee’s signatures) and attached to the tax return. A qualified appraisal must be prepared for the donated property.
For any donation of personal property with a claimed deduction:
  • Art work(s) with a total claimed value deduction at or exceeding $20,000 must have a complete, signed appraisal by a qualified appraiser attached to the return; and be sure to verify IRS requirements regarding photo documentation,
  • Clothing and household items not in good used condition an valued at or above $500 must have a qualified appraisal attached to the return (otherwise, clothing or household items NOT in good or better used condition may not be claimed;
  • Any personal property with a claimed deduction exceeding $250, must include with the return a written communication from the qualified organization containing the name of the organization, the date of the contribution and the amount of the contribution; and the client must have an acknowledgement stating whether the organization provided any goods or services in exchange for the gift and, if so, a description and a good faith estimate of the value of those goods or services.

For more complete details please (click here)

Appraisals for tax donation purposes should be USPAP compliant (click here for details).

What is a qualified appraiser? (click here).

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

tax donation appraisal

SITE SOURCE: [http://www.appraisers.org/docs/default-source/discipline_pp/irs-requirements-for-appraisals-of-gifts-and-donations.pdf]

Steps of an Equipment Appraisal

Steps of an Equipment Appraisal.

Steps of an Equipment Appraisal

The steps of an equipment appraisal are the following:

  1. Discuss the details of the appraisal.
  2. During the inspection the appraiser will: note the condition, inventory (in some cases measure), and photograph the subject property.
  3. The raw data is sorted by location & accounts (grouping of similar assets).
  4. Appraisal analysis in accordance with USPAP is applied to arrive at conclusion of value.
  5. The appraisal report is then developed in accordance with USPAP.
  6. The appraisal report is then signed by the appraiser and transmitted to the client. In most instances the report is in a .pdf digital format.

Call us today to discuss your asset appraisal needs (954) 905-9946.

Equipment.Appraisers@gmail.com

Steps of an Equipment Appraisal

FAQs

  1. What types of property do you appraise? (click here for answer)
  2. What do I need prior to requesting an appraisal? (click here for answer)
  3. What are the steps to an equipment appraisal? (click here for answer)
  4. What is a USPAP compliant appraisal? (click here for answer)