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Qualified Appraiser and Qualified Appraisal

In August 2006 Congress passed a law called the Pension Protection Act which redefined the federal definition of “qualified appraiser” and “qualified appraisal” for all appraisals performed for the IRS.

Qualified Appraiser Qualifications Changes

Formerly a “qualified appraiser” simply had to hold himself out to the public as an appraiser or perform appraisals on a regular basis.

The new definition requires that a “qualified appraiser” must have the following requirements:

  1. Have earned an appraisal designation from a recognized appraisal organization such as American Society of Appraisers.
  2. Be regularly performing and receiving payment for appraisals.
  3. Be able to demonstrate verifiable education and experience in valuing the type of property appraised.

How Does This Law Affect You?

If you need an appraisal for charitable contribution, estate tax, estate settlement, income tax or any other IRS purpose and you don’t want to risk questions or an IRS audit, then you need to use a qualified appraiser and submit a qualified document.

Read about Yvonne’s Qualifications by clicking here.

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Yvonne Karn Appraisals serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate appraisal services in Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, Los Alamitos and estate appraisals in Los Angeles, Beverly Hills, Mission Viejo, Newport Beach, with a qualified appraiser in Orange, OC, Placentia, Rancho Santa Margarita, San Clemente, Santa Ana, Seal Beach, Tustin, Villa Park, Westminster, and Yorba Linda. Also serving San Diego County and San Bernadino County.

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