After the passing of a loved one, local, state, or federal courts often request an appraisal of the decedent’s property. The inheritors and executors often face a long list of required forms and filings, which can become overwhelming. First, ensure the estate is being handled by a good attorney and CPA. Our team provides services including inventory and documentation of appraisal property and appraisal services, if required.
Deconstruction is the careful dismantling of a structure with the intent to salvage and reuse the materials and property. Valuable property is kept out of the landfill reducing the construction industry’s carbon footprint and property can be reused and repurposed by providing affordably priced materials.
26 USC Section 170 is law. Ensuring a client hires a Qualified Appraiser to produce a Qualified Appraisal is law. USPAP is more critical than ever. As of 2019, all appraisers must follow the substance and principles of USPAP. See below for more regarding USPAP.
The Green Mission Inc. and Probity Appraisal Group executives Jessica I. Marschall, CPA, ISA AM, AAA Associate Member, and Mayur Dankhara, ISA AM, LEED AP attended the ASA annual conference and left with boatloads knowledge! From the emergence of NFTs to luxury fashion value, the conference was an intellectual feast. Be on the lookout for more updates from our team.
We are excited by the many deconstruction and reuse projects occurring nationwide! Spring 2022 has been a busy time for all of us in the deconstruction industry. Our team appreciates working with industry members to jointly serve and protect our clients. Tax deductions for the value of donated materials continues to act as a significant carrot in helping clients choose deconstruction over demolition.
Any appraiser, whether appraising gems and jewelry, antiques, decorative art, architectural salvage, appliances, furnishings, or any other personal property, must be educated. In fact, the IRS requires education and/or experience to be considered an IRS Qualified Appraiser.
Every day we hear that the supply chain for goods is currently jammed in a hopeless bottleneck. Raw materials cannot arrive to factories to be made into new products and, even when they can, shipping lanes are blocked due to labor shortages and lack of delivery infrastructure. Hence, a consequence of the Covid-19 economic recovery, without an end in sight. We are told to start our holiday shopping early if we hope to have gifts delivered by the big day.
Sometimes clients and nonprofits fall into a rut of using the same service providers for many years, without evaluating what is right for their clients. We would like to offer an alternative and highlight the superior appraisals produced from our companies.
Chirelli v. Commissioner, T.C. Memo 2021027 March 3rd, 2021 is another tax court case in which a taxpayer lost their non-cash charitable contribution due to lack of substantial compliance by the appraiser in producing an IRS Qualified Appraisal. There are important takeaways from this case to help protect taxpayers from losing their deductions and the subsequent paying of fines and interest should their appraisals not meet IRS standards. The IRS is serious about ensuring appraisers comply with the Internal Revenue Code and adhere to the strict definition of both Qualified Appraiser and Qualified Appraisal.
In the recent Mann v. United States case, the federal court of appeals set important precedent in determining how deconstructed and donated building materials, furnishings, and fixtures should be valued in line with IRS defined Fair Market Value. Along with proper and accurate valuation comes two equally important issues: what does and does not constitute an IRS defined Qualified Appraisal and Qualified Appraiser? We first provide an overview of deconstruction and its tax implications, and then address the impact of the Mann case.