Jaynes Appraisals

Frequently Asked Questions

1. Why do I need an appraisal?

There are several reasons you may need an appraisal. The most common reasons include:

•You have an item and you simply want to know what it is and its current value

•You would like to have your property insured

•You are considering purchasing or selling an item and would like to know its current value, in order to make an informed decision

•You previously had an appraisal and now need to have it updated- The Washington State Commissioner recommends updating your appraisal for personal property insurance every 3-5 years for accuracy. [1]

•You are donating an item and need to know its Fair Market Value so that you can deduct it from your taxes-for an item or a group of items valued at $5,000.00 or more, an appraisal is required. [2]

•Your lawyer has recommended an appraisal because you are managing an estate and the combined gross assets and prior taxable gifts exceeded the amount set by the IRS. This total was $2 Million for 2006 – 2008 and raised to $3.5 Million on January 1, 2009. [3]

•You are getting divorced and need to appraise your property for dissolution purposes

•Your property has been damaged or lost during a move, natural disaster or other situation and your insurance company requires an appraisal to assess its value before the damage or loss

2. How do I select an appraiser?

You should select an appraiser who is a member of one of the three Appraisal organization in the United States, the International Society of Appraisers (ISA), the Appraisers Association of America (AAA) or the American Society of Appraisers (ASA). These professional organizations ensure that their members are current in appraisal methodology and maintain ethical behavior. You should also select an appraiser who is current in the Uniform Standards of Professional Appraisal Practice (USPAP), especially if you need an appraisal for a federal function such as estate settlement or charitable donation. Lastly, you should select an appraiser who is educated about the items you would like to have appraised.

3. Where will the appraisal appointment occur?

Most appraisal appointments occur in the home or office of the client. Especially in the rainy Seattle climate, this avoids the difficulty and risk of transporting your personal property. We are happy to travel to you for an appraisal, travel fees only apply to appraisals outside of the greater Seattle/Bellevue area.

4. Can I bring my property to your office for the appraisal?

If you would prefer to bring your property to our office, we can arrange an appointment. As nearly all of our clients prefer to avoid transporting their property, it is not cost effective for us to maintain a retail location. With this in mind, please schedule an appointment.

5. How long will it be until I receive my appraisal?

After documenting the items you would like appraised, it will take two to four weeks for your appraisal to arrive. If you are in a situation where you need your appraisal more quickly, please let us know and we will do our best to accommodate you. If your appraisal will require more time for authentication of the items, more complex research or other reasons, we will contact you immediately and discuss the situation.

6. How much will the appraisal cost?

Each appraisal requires a different amount of documentation and research time. For this reason, we prefer to provide an individualized estimate for your appraisal. Please contact us via telephone or email to discuss a free estimate for your appraisal.

7. Can an item be appraised if the appraiser isn’t able to personally document and inspect it?

Yes, although we prefer to document and inspect property in person for accuracy, it is possible to appraise an item via photographs. We understand that there are cases where distance or personal circumstance do not allow on site documentation to occur. A limiting condition statement will be included in the appraisal that states that the property was only viewed in photographs.

9. How can I prepare for my appraisal?

You can save time and money by being well prepared for your appraisal. Please locate and provide receipts, previous appraisals and any other documentation for your items at your appointment. Also, having items that are accessible and unpacked can expedite the documentation process.

[1] This information was provided in a conversation with the Washington State Office of the Insurance Commissioner in June 2008.

[2] “Ten Tips for Deducting Charitable Contributions,” Internal Revenue Service, 30 March 2009, <http://www.irs.gov/newsroom/article/0,,id=106990,00.html> (14 June 2009).

[3] “Estate Tax,” Internal Revenue Service, 21 October 2008, <http://www.irs.gov/businesses/small/article/0,,id=164871,00.html> (14 June 2009).