The Federal government and the IRS have changed the rules for appraisals: starting in 2022, appraisals must contain a USPAP* certification and be written to USPAP standards.
What does this mean for you?
It means that for any donations, you have to hire an appraiser that has completed the current USPAP course.
It also means, in Illinois, that you have to do the same for ANY appraisal that will be admitted in court: probate and family court. Why? Illinois follows Federal function, so if the Federal rules change, so does Illinois.
How do I know if my appraiser has this qualification?
Easy, find an appraiser through one of the three appraisal associations: International Society of Appraisers (I am a member), Appraisers Association of America, or American Society of Appraisers. All three organizations require that their members be up to date on the USPAP credentials.
But do I really need an appraisal?
I have a nice guide here that lays out the reasons for appraisals. Check it out and see if this sounds like what you need.
*USPAP—Uniform Standards of Professional Appraisal Practice which is overseen by The Appraisal Foundation, authorized by the US Congress
For more information on appraisals, contact Miss Sophia at sophia@sophiadubrul.com
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