Qualified Appraisal

Filed Under »
Dictionary Says

Definition of 'Qualified Appraisal'

An appraisal document that is created, signed and dated by a qualified appraiser and meets the requirements set forth by the Internal Revenue Service (IRS). A qualified appraisal is made no sooner than 60 days before a piece of property is donated. The document is used to notify the IRS that the value of a piece of property is in excess of $5,000.

A qualified appraisal is attached to Form 8283 and filed with a tax return if a deduction is being requested.
Investopedia Says

Investopedia explains 'Qualified Appraisal'

Determining the value of a piece of property is especially important when making a donation, since an improper valuation can result in either a deduction lower than what the property could bring or a red flag by the IRS for a valuation that seems too high.

Articles Of Interest

  1.

    Deducting Your Donations

    Generosity may be its own reward, but some charitable giving also provides personal tax benefits.

  2. Give To Charity; Slash Your Tax Payment

    Being generous has never been more (financially) rewarding!

  3. 10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.

  4. It Is Better To Give AND Receive

    You give to benefit others, but there can be perks for you too.

  5. To Rent Or Buy? The Financial Issues

    Thinking of buying a home? We look at the initial and ongoing costs, as well as the so-called benefits.

  6. Investing In Property Tax Liens

    Property tax liens can be a viable investment alternative for experienced investors that are familiar with the real estate market.

  7. 6 Tax Deductions That Might Get You Audited

    Incorrect or liberal interpretations of what you can write off will often lead to the IRS taking closer interest in your filings. Knowing the rules behind these six tax deductions will go a long ...

  8. Reasons Renting Is Better Than Buying

    Owning a home is much more expensive than renting. Here are the places where the costs differ greatly.

  9. How Property Taxes Are Calculated

    Understanding how property taxes work will ensure that you won't be overcharged.

  10. Why Monopoly Is A Terrible Finance Teacher

    With its plethora of inaccuracies, Monopoly doesn't offer the best lessons in real-world finance.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Network Effect

    A phenomenon whereby a good or service becomes more valuable when more people use it. The internet is a good example...

  2. Racketeering

    Racketeering refers to criminal activity that is performed to benefit an organization such as a crime syndicate. Examples of racketeering activity include...

  3. Lawful Money

    Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves.

  4. Fast Market Rule

    A rule in the United Kingdom that permits market makers to trade outside quoted ranges, when an exchange determines that market movements are so sharp that quotes cannot be kept current.

  5. Absorption Rate

    The rate at which available homes are sold in a specific real estate market during a given time period.

  6. Yellow Sheets

    A United States bulletin that provides updated bid and ask prices as well as other information on over-the-counter (OTC) corporate bonds...
Trading Center