PP Education

Professional Information

Events

PP University Partners Class Schedule

PP 2012 Calendar of Events

The Intensive Principles of Value Program

Your ASA Personal Property Education Committee has collaborated with the State University of New York at Purchase (SUNY-Purchase) to develop and offer the long-awaited super-track concentration of our ASA POV courses, required for advancement through the ASA accreditation process. The Intensive Principles of Valuation Program is scheduled for the two-week period of June 4-18, 2012. POV 201 will be held June 4-7, POV 202 will be held June 8-10, POV 203 will be held June 11-14, and POV 204 will be held June 16-18. Even experienced accredited appraisers will find this updated concentration of POV courses appealing. We strongly encourage all our PP appraisers and Candidates to register for some or all of these courses. Check the PP University Partners Class Schedule for more information.


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

COME ON DOWN MAY 13-19 TO NEW ORLEANS FOR A ROCKIN' PP CONFERENCE ... WITH COURSES, TOO!

Even if you've been to the Big Easy before, you've never seen it the way you will this time around. In fact, we urge you to come early and stay late! 

Jackson Square

Come on down May 13-15 for the ASA Personal Property Conference in New Orleans. Then stick around after the conference to sharpen your professional skills with some of ASA's leading professionals.

In the words of the late Southern chef and Cajun-culture humorist, Justin Wilson, we gar-on-tee that you will fall in love with the 300-year-old gumbo of history that makes New Orleans one of the world's unique cities ... and that you, too, will depart singing "I know what it means to miss New Orleans."

The conference is being held at the Country Inn & Suites at 315 Magazine Street, located close to the French Quarter not in the Quarter and it is located on the edge of the Arts District next door to the beloved Bon Ton Cafe. It's a five-minute walk to Bourbon Street, but near the Arts and Warehouse districts, and cultural venues such as the World War II Museum. Like many of the Crescent City's quirky structures, the Country Inn is composed of (seven) 19th Century buildings cobbled together with new construction, and decorated with first-rate furnishings and amenities. However, conferees won't be spending much time stuck in a conference meeting room.

Our three-day conference schedule is crammed with site visits to numerous museums, galleries, and historic properties, with specialized lectures by top experts:

  • Antique Louisiana furnishings and decorative arts, which reflect French, Spanish, West Indian and sometimes early American influences, and are most definitely different from eastern American styles;
  • 19th Century American furniture and decorative arts, emphasizing key regional makers, identification points, and market activity;
  • Southern "American Scene" art and Southern outsider and visionary folk art;
  • Crafts and design movements, especially Southern genres such as Newcomb Pottery, Walter Anderson, George Ohr, and Shearwater Pottery, with some major Tiffany windows thrown in for good measure;
  • Conservation considerations for textiles and furniture in the Gulf climate before and AFTER Hurricane Katrina;
  • Indelible influences of African American artists and craftsmen working within the complex multi-ethnic societies of New Orleans and Louisiana before and after the Civil War, and to the present day;
  • European influences on the local culture in the 18th, 19th, and 20th centuries, and exchange of ideas by such visiting artists as Edgar Degas (who had Creole relatives in New Orleans);
  • John James Audubon, the Creole adventurer whose wife worked as a New Orleans governess to support his travels and his Birds of America business.

New Orleans has been to the heartland of North America what Ellis Island, Coastal Virginia, and the Carolinas were to eastern American settlement ... but with a seriously funky flair for fun. There's a reason why the motto in NOLA is Laissez les bon temps Rouler! And as folks around here say to the ones they miss, "Where YAT?" Don't make us say that about YOU.

Click here for the May 13-15 New Orleans Conference Schedule.

WAIT WAIT. THERE'S MORE...

As if a jam-packed three-day conference in New Orleans weren't enough, we have set up an entire week in the Big Easy where you can hone your professional skills and advance in your area(s) of expertise. On Wednesday, May 16, we are offering a one-day advanced report writing course taught by Sandra Tropper, ASA, Chair of ASA Education, and Edith Yeomans, ASA, Chair of the PP Board of Examiners. The report-writing course is designed to help both PP Candidates AND experienced accredited appraisers avoid report deficiencies that get them into trouble with clients, the legal system, the IRS, and ASA's Board of Examiners. If you have not taken report writing or the 15-hour personal property USPAP course within the past two years, you NEED to attend this one-day course.

We also are presenting a three-day course on antiques and decorative arts (ADA) for appraisers prepping to sit for the ADA specialty examination. This course is back by popular demand as a result of the successful prep course given at the Winston-Salem conference in 2010, and will be conducted by many of the same instructors. We are giving the ADA exam on Sunday, May 20 for  anyone wishing to sit for the exam following the three-day course. Special arrangement may be made to take the exam late Saturday, May 19, following the ADA course. Contact our PP Chair, Sharon Ring Rollins, or Nicole Cruz at ASA Headquarters, to register for the exam.





Find an Appraiser    Selecting your PP Appraiser

 

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.

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.

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ASA Revises Bridging Requirements for ISA CAPP Appraisers

Click here for complete details regarding CAPP-to-ASA Bridging