 
Confused About your USPAP Status? Our Personal Property Education Committee has developed a top notch FAQ fact sheet pertaining to TAF and ASA requirements for remaining current in USPAP status as accredited Personal Property, Gems and Jewelry, and Machinery and Technical Specialties appraisers. To clarify your status and whether to take the 15-hour or 7-hour PP USPAP course, click on this link: Q & A's USPAP for Standards 7 and 8 Users. Courses and Class Events PP University Partners Class Schedule PP 2013 Calendar of Events Verify Your Definitions of Value and Your Regulatory Knowledge Fair Value Definition IRS Requirements for Appraisals of Gifts and Donations Catch up with the latest requirements, updated on our site regularly. Professional News Updates TRACKING STOLEN ART? Contact the FBI's National Stolen Art File (NSAF). Click to this website. Updated Definitions: Approaches to Value The Personal Property Committee has updated the ASA definitions for the three Approaches to Value (Cost Approach, Sales Comparison Approach, and Income Approach) to be consistent with the current USPAP Standard Rule 7-4 and Standard Rule 8-2. View the updated Approaches to Value definitions
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2013 Summer Appraisal Camp
June 8-23, 2013 | Purchase, NY This 2-week program for personal property and gems & jewelry appraisers includes four sequential courses taught via live lectures, hands-on exercises and visits to Purchase College’s Neuberger Museum of Art. The rigorous program contains all courses required for the Accredited Senior Appraiser (ASA) designation, offered exclusively by the American Society of Appraisers. Students who successfully complete the program are awarded an Appraisal Studies Certificate by Purchase College by completing the 120 education hour requirement set by the Appraisal Foundation. Accredited appraisers attending this program can earn continuing education hours towards reaccreditation. To learn more about the Summer Appraisal Camp and to register, contact Kelly Jackson in Director of Continuing Education at SUNY Purchase: (914) 251-6500 or kelly.jackson@purchase.edu.
2013 Estates, Trusts, and Estate Planning Conference Roundup 
The cherry blossoms had already peaked in Washington, DC, on May 1, 2 and 3, but the 71 personal property appraisers who gathered outside the Capitol City on those dates weren't in town for the scenery. Convening from 21 states and Canada, this diverse group came together to attend the 2013 ASA Personal Property Conference at the trendy Renaissance Arlington Capitol View Hotel.
This year's conference focused on technical aspects of personal property appraisal, so there were no field trips to view special collections. It didn't matter, because the appraisers were there to learn the latest facts about appraisers' role and liabilities in the current changing legal and financial climate.The conference theme was Estates, Trusts, and Estate Planning for the Personal Property Appraiser. A New Look at Fair Market Value. All of the presenters provided handouts and supplementary materials for registrants. They stressed that we appraisers have a professional opportunity to guide and advise out clients to practice fiduciary prudence with regard to personal property assets, which are increasingly considered "The Silent Asset." Major sponsors for this year's conference were Trusts & Estates, Willis, paddle8, artnet, and Doyle, NY, with support also coming from askart.com. ASA thanks these sponsors for their generosity in ensuring a successful and informative conference. Our thanks also go to the conference committee: Sandra Tropper, ASA, Susan Golashovsky, ASA, Lela Hersh, ASA, and Sharon Ring Rollins, ASA; and to ASA staffers Todd Paradis and Nicole Cruz. Click here for a recap of the 2013 personal property conference
Save the Date: San Antonio International Conference October 13-16, 2013
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Professional personal property appraisers MAY be accredited as qualified to appraise personal property through certain professional accrediting appraisal societies. Personal Property appraisers who are accredited through our professional accrediting societies become qualified by passing rigorous courses, submitting reports for review by a panel of our peers, and by maintaining our professional education through participation in courses, seminars and conferences on our specialties and disciplines. Accredited personal property appraisers also must pass a course every five years or less developed through The Appraisal Foundation and The Appraisal Standards Board, governing updated Uniform Standards of Professional Appraisal Practice (USPAP). Personal Property appraisers are not regulated at the state and Federal level, and therefore are NOT STATE or U.S. CERTIFIED, although personal property appraisers submitting reports for review by the Internal Revenue Service must comply with IRS requirements stipulating what is a “qualified” appraiser.
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News
CONTINUING PP DIALOGUE ON CHARITABLE GIVING AND DONATION APPRAISALS Please read and file the following Q&A pertaining to charitable donations of personal property and related appraisal issues. The Q&A, developed by our PP Education Chairwoman Sandra Tropper, ASA, who leads ASA's team of POV and USPAP instructors, should eliminate confusion regarding donation appraisals. Anyone with additional questions may contact Sandie at sjtropper@aol.com. Q: Do donors have to submit an appraisal with their tax return if the Fair Market Value (FMV) of the non-cash charitable contribution is $20,000 or more? Or is that amount now $50,000? A: Donors of property with FMV of $20,000 or more must submit an appraisal when filing their taxes if they claim a tax deduction. Until 2011, IRS had mandatory review by the Art Advisory Panel of all donated property appraised at $20,000 or higher. The mandatory review amount was increased to $50,000 in 2011. For the suggested report format developed by the IRS Art Advisory Services for personal property appraised at or above $20,000, see Appraisal Item Format. To access this document, search the IRS website, www.irs.gov, under "Art Appraisal Services." Q: The IRS regulations state that an appraisal must not be prepared more than 60 days prior to the effective date of donation. Are there any limitations on how long after the donation the appraisal can be prepared? A: Yes. The appraisal must be prepared in time to be included with the donor's tax documents when filing his/her taxes. Unless the donor applies for an extension, the donor needs the appraisal completed in time to file on April 15 following the year of donation. (For example, if the donation occurred Oct. 1, 2011, the appraisal must be completed in time for the April 15, 2012 filing.) NOTE: Clients typically, and incorrectly, assume that the report must be completed and in their hands by December 31, if that is the end of their tax year (annual rather than fiscal). But that is the date by which the gift must be made, not the date by which the report must be prepared. (See above.) Q: Can a client who donates property to a charity auction take a Fair Market Value as their tax deduction? A: Because of the requirements for related use of donated property, donors of property to charity auctions should not assume they can deduct the FMV of the donated property from their taxes. Instead, they can deduct either the cost basis or the FMV of the property, whichever is the lesser amount. Moreover, items donated to an organization that will use that property for fundraising at an auction do not meet the IRS tax criterion for a "related use." The mission of the recipient institution is not to sell property; thus, the donation is NOT considered a "related use," even if the funds generated are used for a "related use." For more information on related use, see IRS Pub. 526. Note: Prices fetched for properties sold at charity auctions are not usually acceptable as evidence of comparable sales for appraisal assignments. Donors to non-profit organizations that sell the contributed property at a charity auction cannot use the selling price of the property at the charity auction as their deducted amount. Click here for additional Q&A commentary and explanations. ***************** ASA Revises Bridging Requirements for ISA CAPP Appraisers Click here for complete details regarding CAPP-to-ASA Bridging
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