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Appraisals – Information Staff members of Western Spirit are unable to authenticate, appraise, or otherwise evaluate any object for insurance, commercial, or other purposes. Choosing an Appraiser Regulations of the Internal Revenue Service require that a disinterested third party perform appraisals of tax-deductible gifts to non-profit institutions. Currently, there is no legal certification of personal property appraisers and no government-required testing for the profession. There are, however, codified standards. Additional information can be obtained from the following associations:

Appraisers Association of America – AAA 212-889-5404

American Society of Appraisers – ASA 800-272-8258

International Society of Appraisers – ISA 206-241-0359

Matters that you should consider include the following: expertise, credentials, written contract, signed statement of disinterest, appraisal documentation, type of value (fair market, replacement), fee and whether the appraiser has liability insurance. With respect to the appraisal fee, most appraisers charge based on hourly rates. For federal tax purposes, it is not legal for the appraisal fee to be based on a percentage of the overall value of the item or items. A feasibility assessment may be requested of the appraiser to determine whether an appraisal is warranted. In the case of charitable contributions, the cost of an appraisal might be tax-deductible; contact your tax advisor.