News from the Appraisal Foundation

The Appraisal Foundation is an important source of appraisal standards and qualifications for real property appraisers.  Most personal property appraisers voluntarily comply with these standards.  Users of appraisal services should engage appraisers who are compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and keep updated with the changes every two years.  The foundation programs and events listed below apply to personal property appraisers.

The Appraisal Foundation Seeks Candidates for Business Valuation and Personal Property Resource Panels

The Appraisal Foundation, a non-profit organization dedicated to the advancement of professional valuation, is initiating its search for qualified candidates to serve on two volunteer resource panels that will report to the Board of Trustees:  the Business Valuation Resource Panel and the Personal Property Resource Panel.  There are up to ten vacancies on each panel and terms will last approximately one year.  Completed applications for the panels must be received by September 20, 2013.

 

Appraisal Foundation to Host first Personal Property Roundtable 

Minimum Competency Qualifications, Standards and Oversight Accountability for Personal Property Appraisers

September 24, 2013 Washington, DC

The Appraisal Foundation is pleased to announce its first roundtable discussion for the personal property appraisal profession.  This roundtable will focus on issues of importance to personal property appraisers and users of appraisal services including the topics of minimum Qualifications, Standards and Oversight.

 

Source: Appraisal Foundation

 

 

 

 

Events of Interest in Southern California: Appraiser Qualifications Board Meeting in San Diego

The Appraiser Qualifications Board (AQB) has a public meeting scheduled in San Diego, California on Sept. 13 from 9:00 AM – 12:00 N at the Westin San Diego.

The AQB is part of the Appraisal Foundation, authorized by Congress as the source of appraisal standards and appraiser qualifications.  Both personal property and real property appraisers adhere to the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice and the biyearly updates.  For personal property appraisers, compliance is voluntary but usually required by their professional appraisal societies.

According to the Appraisal Foundation website:

The AQB establishes the minimum education, experience and examination requirements for real property appraisers to obtain a state license or certification. In addition, the AQB performs a number of ancillary duties related to real property and personal property appraiser qualifications.

As part of their work, they established Personal Property Appraiser Minimum Qualification Criteria to be used by major clients of personal property appraisers.  Compliance is voluntary.

For more information including the AQB meeting agenda and registration form, visit the Appraisal Foundation website and click on Events / Meeting Registration.

How to Ship Antiques Safely

A dresser owned by a queen. A teapot once used by your great, great grandmother. When we ship antiques, we’re not just moving around things; we’re shipping history from here to there.

We care that antiques remain preserved. We want them to continue to convey the past in a way that enriches the present. A broken object seldom does that in the same way. As such, every antiques shipment is all about the extra steps. What follows are some tips to help ensure that your objects and their histories arrive intact.

 

Ahead of Time: Preparing to Ship Antiques 

While packing and shipping a Christmas present or care package yourself is fine, doing the same for an antique or priceless family heirloom is not. This job is best left to the professionals. A knowledgeable antiques shipping company can assess the needs of your item and properly handle it from start to finish.

After taking the first step to hire a reputable packing and shipping company, you should take a look at the different insurance policies the company offers. It’s the claim you never want to file, but part of shipping antiques is also about insuring. You want a solid and well-documented appraisal of the objects before they go. Some companies even offer specialized staff to simplify this process. This tends to mean that your shipper has lots of experience with antique-specific tasks.

 

Shipping: Containers and Packing for Antiques

There are some steps that you want to see your shipper make when packing up your piece. The following shortlist can help you identify best practices.

Prepping the Object: Packing antiques is often about securing fragile and moving parts. If your shipper can safely remove any doors, handles, glass panels or other delicate parts, they should. Each item should then be packed separately and clearly labeled.

Shell Materials: Depending on what you are shipping, double wall cardboard boxes may be the best material of choice. Your shipper should insulate your antique with bubble wrap and foamcore pieces within one container and then place that shell within a second layer of cushion and a second box. Other kinds of objects will do better in plastic hard-shell structures, or they’ll require a custom-built wooden crate. Be certain that the shipper you choose can provide these important custom packaging options.

Adhesives: Securing components against independent motion? Antiques shipping experts say “no” when it comes to adhesive tape. The company should use string and ropes instead. Better yet, hold down parts that could be damaged with shrink wrap.

Finally, before your packed antiques go out the door, double check that every crate and box is accurately and very legibly labeled. Be sure that your packing carries the proper precautions: Fragile. Do not load or stack. This side up.

With these steps complete, your antiques are in good shape to arrive intact, and the process will become just another part of their ongoing story – a new chapter with many more to come.

antique stove
-James O’Brien’s work can be found at Mashable, OPEN Forum, Forbes.com, TheAtlantic.com, and elsewhere. He writes about media, finance, business, travel, and tech.

 This article was prepared for Antique and Personal Property Appraisals on behalf of Craters and Freighters.

 

Are Your Prized Possessions Protected?

Insurer USAA posted an article titled “Are Your Prized Possessions Protected?” explaining the basics of homeowners insurance coverage and when valuable personal property insurance might be needed.   Antiques, fine art, silver, jewelry and several additional items can be covered under a specialized policy.   Included in the article is a list of steps to follow to get the most protection:

  • Check your current coverage. Before getting an additional policy, review your homeowners or renters policy and fully understand what the policy covers and what it doesn’t.
  • Update the appraisals. Keep appraisals current (at least every five years), and notify your insurance company if the value changes. Appraisals should be done by a certified professional appraiser with expertise and credentials in the type of item you are insuring.
  • Keep all documentation. Proof of ownership is required when you report a loss, so the more paperwork you have — receipts, appraisals, financing statements, and repair or cleaning bills — the easier it will be if you have to make a claim.
  • Details matter. Provide your insurance company with a full description of each item. For example, if you are insuring a diamond ring, you want to list the cut, clarity, carat, color, number and measurements of the diamonds, and the type of gold — the more detail the better.
  • Do your part. Keep your valuable possessions properly cleaned, maintained and safely stored to avoid damage, loss and theft.

 

An important part of special coverage is to have your valuable items appraised by a qualified appraiser, and updated every 5 years.

Source: USAA website

Nine Tips on Deducting Charitable Contributions from the IRS

The IRS has released a list of tips to assist with obtaining tax deductions on charitable contributions.  For non-cash contributions with a fair market value of $5,000 or more, a qualified appraisal is required by a “Qualified Appraiser”.  See tip #9.

 

 

IRS Tax Tip 2013-45, April 1, 2013

Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these nine tips to help ensure your contributions pay off on your tax return.

  1. If you want a tax deduction, you must donate to a qualified charitable organization. You cannot deduct contributions you make to either an individual, a political organization or a political candidate.
  2. You must file Form 1040 and itemize your deductions on Schedule A. If your total deduction for all noncash contributions for the year is more than $500, you must also file Form 8283, Noncash Charitable Contributions, with your tax return.
  3. If you receive a benefit of some kind in return for your contribution, you can only deduct the amount that exceeds the fair market value of the benefit you received. Examples of benefits you may receive in return for your contribution include merchandise, tickets to an event or other goods and services.
  4. Donations of stock or other non-cash property are usually valued at fair market value. Used clothing and household items generally must be in good condition to be deductible. Special rules apply to vehicle donations.
  5. Fair market value is generally the price at which someone can sell the property.
  6. You must have a written record about your donation in order to deduct any cash gift, regardless of the amount. Cash contributions include those made by check or other monetary methods. That written record can be a written statement from the organization, a bank record or a payroll deduction record that substantiates your donation. That documentation should include the name of the organization, the date and amount of the contribution. A telephone bill meets this requirement for text donations if it shows this same information.
  7. To claim a deduction for gifts of cash or property worth $250 or more, you must have a written statement from the qualified organization. The statement must show the amount of the cash or a description of any property given. It must also state whether the organization provided any goods or services in exchange for the gift.
  8. You may use the same document to meet the requirement for a written statement for cash gifts and the requirement for a written acknowledgement for contributions of $250 or more.
  9. If you donate one item or a group of similar items that are valued at more than $5,000, you must also complete Section B of Form 8283. This section generally requires an appraisal by a qualified appraiser.

For more information on charitable contributions, see Publication 526, Charitable Contributions. For information about noncash contributions, see Publication 561, Determining the Value of Donated Property. Forms and publications are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Source: IRS website