Saturday, September 04, 2010
IRS Appraisals

Yellow Book Appraisals
 



Ask the Appraiser Ask the Appraiser

telephone  603 722-0663
email  chetrogers@tds.net

Testimonials Testimonials

Great site, Chet!  I can certainly say that if I had had access to such clear information, I would have gone into the easement process much more easily and promptly.  This is a real service.  I'll be sure to tell people about it. JR

Green Stuff Saved So Far Green Stuff Saved So Far

2,985 acres saved from development
10,817 feet of lake or pond frontage saved from development
3,300 feet of river frontage saved from development
96 houses NOT built

QUALIFIED APPRAISAL and QUALIFIED APPRAISER

Appraisals of land, especially land with subdivision potential, are substantially different from typical residential property appraisals. Appraisals of conservation easements are even more highly specialized.

The IRS has specific requirements for reporting on and determining the value of charitable gifts. These are highly detailed and complex for gifts of property valued at more than $5,000, which includes most donations of land or conservation easements to land trusts.

IRC requirements for a qualified appraisal:

  • prepared by a qualified appraiser for gifts of property valued at more than $5,000,
  • including information on the timing of the appraisal,
  • that the donor is responsible for any determination of the value of the donation,
  • that the donor should use a qualified appraiser who follows Uniform Standards of Professional Appraisal Practice.

You should also be aware that:

  • the land trust will most likely request a copy of the completed appraisal,
  • and that the land trust will not knowingly participate in projects where it has significant concerns about the tax deduction.
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The effective date of value in the qualified appraisal must be no earlier than 60 days before the date of the contribution, and the appraisal must be in the hands of the taxpayer no later than the due date (including extensions) for filing the tax return in the tax year in which the contribution is claimed.

The Pension Act defines a “qualified appraiser” under Internal Revenue Code §170(f)(11)(ii) and (iii) as an individual who:

  • Has earned an appraisal designation from a recognized professional appraisal organization or has otherwise met minimum education and experience requirements;
  • Regularly performs appraisals and receives compensation;
  • Meets other requirements as may be prescribed by the Secretary;
  • Demonstrates verifiable education and experience in valuing the type of property subject to the appraisal; and
  • Is not an individual who has been prohibited from practicing before the Internal Revenue Service during the prior three years.

I have studied long and worked hard to meet all requirements as a "Qualified Appraiser" as attested in the links below:

Conservation Easement Experience

My Qualifications