FAQ About Appraisals for IRS Form 8283
What is IRS Form 8283?
IRS Form 8283 is a required form for tax filing if an individual has made a charitable contribution worth more than $5,000 in goods or services. It is required to be submitted with your taxes for the year in which you made the donation. It must be completed and signed by both the charity and the donor, and it requires an appraisal for the items that have been donated. Form 8283 is also used by attorneys, CPAs, and estate planners as documentation for tax-deductible donations of non-cash items. This form will ask for details about the donated items, such as the name of the charity, its purpose, description and fair market value of the items donated, date of donation, your signature, and the appraiser's signature. With Form 8283, the Internal Revenue Service (IRS) can verify that you made a charitable contribution and can accurately calculate your tax deduction.
Why do I need an appraisal for IRS Form 8283?
An IRS Form 8283 is an official tax document that must be submitted to the Internal Revenue Service when individuals or companies donate money to a non-profit organization. An appraisal is an important part of completing a Form 8283, as the value of a non-cash property donation must be included on the form in order to get a tax deduction. A professional appraisal of the property must be included with the form in order to provide evidence of its value for tax purposes. Without an appraisal, the IRS may reject the claim for the full value of the donation, reducing the tax deduction that the taxpayer is eligible to receive. Therefore, if someone wishes to receive a full tax deduction for a property donation, providing an appraisal to the IRS is an important part of the process. *Please note that AppraiseItNow does not provide tax advice*
FAQ about Flower Appraisals
What is a Flower appraisal?
A flower appraisal is an assessment of flowers' value based on its quality, condition and other factors. This Appraisal Process will examine the flower for its scientific name, variety/ cultivar name, color, petal count, breaks, markings, age, vigor, and other areas that determine value. It is important to note that flower appraisals are subjective and are based on the opinion of the appraiser. The goal of the process is to reach a fair market value estimate for the flower. Appraisals are often requested by individuals who are seeking to determine the true value of a flower for sale, donation, or insurance purposes. Appraisals can also be used as a tool for exhibition, flower identification or for educational purposes. A professional flower appraiser should have a firm understanding of flower anatomy and horticultural practices, and be able to identify a flower's' specie and cultivar. It is important to find an appraiser that is knowledgeable and reliable, as any appraiser should be able to provide an honest, accurate and unbiased assessment of a flower’s value.
Can I get a Flower appraisal done online?
Yes, you can get a flower appraisal done online. AppraiseItNow is one of the only companies that offers online appraisals and it is USPAP-compliant in all states. They can do the appraisal over Zoom, Google Meet, Skype or FaceTime - based on what the client needs. Having access to online appraisals can be an ideal solution if you are unable to attend an in-person appraisal. AppraiseItNow is a great option to consider for online appraisals.
What are the different types of Flower appraisals?
Flower appraisers are professionals who specialize in providing accurate and detailed valuations of floral items and arrangements. Depending on their background and education, there are several different types of flower appraisers.
The first is the Certified Specialist of Appraisal of Fine and Decorative Arts. This credential is granted to individuals who have completed a three-year study program and passed a certification exam. These appraisers are well versed in the history, science and preservation of art and are able to accurately value flower items and arrangements for a variety of purposes.
Valuation specialists are professional appraisers who can provide accurate appraisals for insurance and auction purposes. These appraisers are experts in the market for flower items and can provide up-to-date information on the value and worth of floral items. Due to their extensive knowledge of the market, valuation experts are often sought out by clients who need to know the value of their flower items.
Specializing in antique and rare flower pieces are members of the American Society of Flower Arrangers. These appraisers have years of experience in working with antique flower pieces, and can provide accurate appraisals for a variety items, including wedding bouquets and vintage arrangements. This credential is highly sought after, due to the specialist knowledge they possess in this field.
Finally, there are floral designers who often double as appraisers. These professionals have an in-depth understanding of the complexities and intricacies of flower arrangements. Their knowledge of the fundamentals of floral design allows them to provide accurate appraisals of flowers arrangements, both antique and modern.
Why should I get a Flower appraisal?
A flower appraisal can be a valuable tool when donating flowers. It provides an objective opinion of value to buyers and sellers from a trained, experienced, and certified appraiser. For those looking to donate flowers, a Flower appraisal is critical in preserving a donation’s tax deductible value, which the IRS requires.
How much does a Flower appraisal cost?
Flower appraisals are quoted on a project-by-project basis. These appraisals can be completed with in-person and online methods; in-person appraisals will sometimes include travel fees, when applicable. For some projects, when necessary, the price can be determined ahead of time, in line with the specifications of the work. Additionally, across all of our appraisals, we offer a best price guarantee, beating any lower quote by 5%. If you have any further questions regarding pricing for equipment and machinery appraisals, please do not hesitate to reach out!