Retirement & Financial Planning Report

You may need appraisals for various purposes, such as substantiating a charitable contribution or determining how much an inherited asset is worth. Obtaining a valuation that will be respected by the IRS might be challenging, though.

One tactic is start with a local accounting firm. This firm might have one or more partners who can perform appraisals. If not, the firm may be able to recommend someone.

What’s more, every appraiser won’t be able to value every type of asset.

* Real estate appraisers, for example, might hold designations such as Independent Fee Appraiser (IFA) or Member Appraisal Institute (MAI). Make sure that you hire someone who is familiar with the local real estate market.

* For collectibles, local auction houses may be good sources of appraisals, if they have someone on-staff who is knowledgeable about the type of item you’d like valued.