signing 8283 IRS appraisal form

[Dean May]

This is just one more area where a small businessman has to suck it up and
brave the feds. Is it scary? Sure it is. 

 

To echo the others, give them an appraisal for fair market value for tax
write off. Make a detailed report on the pianos condition (i.e., Finish- A+,
Hammer condition, B-, etc). Stipulate the current new retail value of the
piano, estimate fair market value at 70% (or pick your own number).  Then
include the disclaimer that this is an estimate only, actual selling price
will vary depending on the market conditions. 

 

The IRS is interested in documentation and if you write such a report you'll
have demonstrated that you've done your homework. 

 

I hope you've charged them at least $50. You've got a trip to the home, a
trip or phone call to the dealer, lengthy consultations with expert piano
techs across the world, time in writing the report and the stress of braving
the feds. 

 

Dean

Dean May             cell 812.239.3359 

PianoRebuilders.com   812.235.5272 

Terre Haute IN  47802

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From: pianotech-bounces at ptg.org [mailto:pianotech-bounces at ptg.org] On Behalf
Of Paul McCloud
Sent: Sunday, April 29, 2007 1:04 PM
To: Pianotech List
Subject: RE: signing 8283 IRS appraisal form

 

Hi, Julia:

    I'm sure you'll get a lot of replies to this.  I work at a piano
dealership.  My boss told me to be very careful when doing appraisals, and
said I should get an appraiser's license.  If you say, "In MY OPINION, such
and such, ...", then you're ok.  If you give a firm statement of value,
you'd better be prepared in case you are challenged in court.  This
situation you are in could get sticky.  If you are not regularly in the
BUSINESS (emphasis here) of appraisals, I'd be reluctant to sign such a
document.  At least, you should document everything (photos, statements of
the dealer, Ancott prices, etc.).  This could be a real big flag for IRS,
especially if it actually sold for only $5k.  Your quote, "I do appraisals
on a regular basis" is very significant, and you could easily be in trouble
if you answer yes, and it isn't (exactly) true.  

    

    Paul McCloud

    San Diego

 

 

----- Original Message ----- 

From:  <mailto:KeyKat88 at aol.com> 

To: pianotech at ptg.org

Sent: 04/29/2007 9:48:25 AM 

Subject: signing 8283 IRS appraisal form

 

Greetings,

 

          I had a lady customer who wanted an appraisal on the replacement
value of her Yamaha C7. It was 1972 manufacture. I completely looked over
the piano, and it was as new! She had a humidifier running and told me she
had done so since the piano was new. By the looks of the piano I could tell.
I couldnt find a thing wrong with it. I wrote a letter stating that I did a
full inspection and then I called a dealer and asked what the price of that
piano. They told me 30,000.00 So I wrote that the replacement value of the
piano was 30K.

 

       Turns out they sold the piano for 5,000 to a non-profit music group
and wrote 25,000.00 off their tax. Now they want me to sign this IRS form.
My confidence is shaken, because I am suppose to sign this thing, and it
states that "I do appraisals on a regular basis"...however, I do tuning and
repair on a regular basis. Am I over-worring here?  I mean, I think the
purpose of the form is to confirm that I just dont work at Turkey Hill or
K-mart or something and that I do know the value of such things, which I do
know. Is there any responsibilty I have over looked. I am tuning, repairing,
refurbishing and evaluating for 4 years now. This is a first. 

 

Thanks in advance,

Julia

Reading, PA






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See what's free at AOL.com <http://www.aol.com?ncid=AOLAOF00020000000503> . 

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