Qualified Appraisal

AAA

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 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.

RELATED TERMS
  1. Sales Comparison Approach - SCA

    A real estate appraisal method that compares a piece of property ...
  2. Appraisal Costs

    A specific category of quality control costs. Companies pay appraisal ...
  3. Qualified Appraiser

    An individual who has earned an appraisal designation from a ...
  4. IRS Publication 561: Determining ...

    A document published by the Internal Revenue Service (IRS) that ...
  5. Qualified Charitable Organization

    A nonprofit organization that qualifies for tax-exempt status ...
  6. Charitable Donation

    A gift made by an individual or an organization to a nonprofit ...
RELATED FAQS
  1. What's the difference between regressive and progressive taxes?

    The U.S. federal tax system and local and state tax systems are complex in that they combine progressive, regressive and ... Read Full Answer >>
  2. What are the three "nets" of an NNN lease?

    A triple net (NNN) lease is a type of real estate lease in which the tenant is responsible for paying the building's property ... Read Full Answer >>
  3. What are the differences between single, double and triple-net leases?

    A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property ... Read Full Answer >>
  4. What are the best and worst states to pay taxes in?

    Most people can probably guess the two worst states for taxation in the U.S. – New York and California. The two best, Wyoming ... Read Full Answer >>
  5. What are the potential pitfalls of owning REITs?

    Real estate investment trusts (REITS) are corporations, trusts or associations that own or finance income-producing real ... Read Full Answer >>
  6. How are real estate taxes calculated?

    Real estate taxes, or real property taxes, are the annual ad valorem taxes assessed by local governments on land and any ... Read Full Answer >>
Related Articles
  1. Taxes

    Deducting Your Donations

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

    Give To Charity; Slash Your Tax Payment

    Being generous has never been more (financially) rewarding!
  3. Taxes

    10 Most Overlooked Tax Deductions

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

    It Is Better To Give AND Receive

    You give to benefit others, but there can be perks for you too.
  5. Home & Auto

    4 Overlooked Homeownership Costs

    Mortgage payments aren't the only expense. Find what else you'll be on the hook for.
  6. Budgeting

    Will You Break Even On Your Home?

    Calculate how much your property will need to appreciate to cover the costs of owning it.
  7. Home & Auto

    Understanding Mortgage Impound Accounts

    Home buyers with low down payments may get stuck with higher mortgage payments. Find out what you get for the extra money.
  8. Retirement

    Downsize Your Home To Downsize Expenses

    Learn how to cut your mortgage, tax, gas and utilities bills.
  9. Home & Auto

    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.
  10. Investing Basics

    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.

You May Also Like

Hot Definitions
  1. Geometric Mean

    The average of a set of products, the calculation of which is commonly used to determine the performance results of an investment ...
  2. Fisher Effect

    An economic theory proposed by economist Irving Fisher that describes the relationship between inflation and both real and ...
  3. Fiduciary

    1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets ...
  4. Expected Return

    The amount one would anticipate receiving on an investment that has various known or expected rates of return. For example, ...
  5. Carrying Value

    An accounting measure of value, where the value of an asset or a company is based on the figures in the company's balance ...
  6. Capital Account

    A national account that shows the net change in asset ownership for a nation. The capital account is the net result of public ...
Trading Center