Stories
How Does the IRS Define a "Qualified Appraiser?"
Lynn Magnusson, ASA, AAA, ISA AM explains the standards the IRS uses to define a "qualified appraiser."
Paintings Undervalued by $1.77 Million in Estate Tax Case
If the IRS determines that you gave them a misleading appraisal report, expect to pay. In Estate of Kollsman v. Commissioner, the Tax Court found that the evaluation used for the Estate's taxes was off by $1.77 Million. What went wrong?
What You Need To Know About Gifting or Donating Fine Objects
Like with any gift, charitable gifting is about more than just the object. It is important to determine the intended user or benefactor of your gift. To receive an IRS tax deduction, one must donate to a qualified organization, as opposed to a specific person.