Qualified Appraiser
Definition of 'Qualified Appraiser'An individual who has earned an appraisal designation from a professional appraiser organization, or has met minimum education and experience requirements in the subject matter in which he or she issues appraisals. A qualified appraiser performs appraisals on a regular basis, and receives compensation for his or her work. The professional must not be prohibited from practicing before the Internal Revenue Service (IRS). |
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Investopedia explains 'Qualified Appraiser'Qualified appraisers are required by the IRS to appraise any piece of property valued at $5,000 or more on which a taxpayer requests a tax deduction. Because qualified appraisers are more experienced and knowledgeable about a particular type of property, the IRS uses them in order to ensure that the taxpayer is not overstating the value of the donated property. A qualified appraiser must perform an appraisal based on generally accepted appraisal standards. |
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