MNA Appraisal Information
By official MNA policy, MNA staff are prohibited from authenticating, appraising or otherwise evaluating any object for donation, insurance, sale or other purposes. In cases involving tax-deductible gifts to MNA, Internal Revenue Service regulations require that appraisals be conducted by a qualified, disinterested party. If contracting for appraisal services with a dealer, be aware that the dealer might have a vested interest in purchasing the item(s) at or below wholesale cost.
Currently there is no legal certification of personal property appraisers and no government-required testing for the profession. However there are codified standards and certification programs within appraisal associations. To locate an appraiser within your area and with a particular expertise, please contact the following associations by phone or through this link to their web site:
Appraisers Association of America 212-889-5404 x10
American Society of Appraisers 800-272-8258
International Society of Appraisers 866-481-1689
Matters that you should discuss with an appraiser include the following:
- Expertise & Credentials
- Type of value desired (fair market, replacement)
- Written contract with signed statement of disinterest
- Appraisal documentation
- Whether the appraiser has liability insurance.
Most appraisers charge rates based on hourly fees. For federal tax purposes, it is illegal for the appraisal fee to be based on a percentage of the overall value of the item(s). A feasibility study may be requested of the appraiser to determine whether an appraisal is warranted. To find out specific requirement for claims, you should contact your local IRS office or your tax accountant.