Whether you are a new home buyer, renter or just need to update your personal property inventory list for homeowners’ insurance, hiring a professional compliance appraiser who can give you peace of mind. Why? Because we can help you determine the fair market value (FMV) for all your assets in the event your property is damaged by a hurricane, fire, or other natural disaster.
The appraisal report provides a detailed inventory list of personal property items with the fair market value of each item. This report can be used for insurance claims, estate division, estate liquidation, divorce, bankruptcy or simply to start estate planning now.
The appraisal report will provide the Fair Market Value (FMV) of your personal property. It will help in case your personal property is damaged by a hurricane, heavy winds, or tornado or if the personal property was stolen or damaged by others.
We are able to upload your appraisal report to a secured cloud account where it can be accessed anytime. Especially in the case that your report is damaged, lost or stolen.
What is the Fair Market Value (FMV) ? Definition of Fair Market Value is set forth in the Treasury Regulation 20.2031-1, which states that: “Fair market value (FMV), is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, nor both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.”
The appraisal report for personal property can be used for your Estate Planning for estate inheritance.
If you have an item that you believe is worth over $5,000 and would like to donate that item to a charity, church, museum or school for example; consider hiring an Professional compliance appraiser to make sure you receive every bit of tax exemption you are owed on your IRS Form 8283, Section B.