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.

BREAKING DOWN '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.

  1. Qualified Appraiser

    An individual who has earned an appraisal designation from a ...
  2. Appraiser

    An appraiser is a practitioner who has the knowledge and expertise ...
  3. Appraisal Management Company - ...

    An Appraisal Management Company, or AMC, is an independent entity ...
  4. Appraisal Approach

    A procedure for determining an asset's value. The appraisal approach ...
  5. Appraised Value

    An evaluation of a property's value based on a given point in ...
  6. Appraisal Capital

    A form of accounting adjustment. Appraisal capital is created ...
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