Appraisal - IRS - Issue Summary
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| What is the fundamental issue? |
| The Pension Reform Act, signed by the President in August 2006, contains provisions regarding the regulation of appraisals in charitable donations of real property. The IRS is tasked with developing standards for appraisals of property used in charitable contributions. In addition, the IRS Office of Professional Responsibility is also tasked with developing qualifications for appraisers in the business of valuing charitable contributions. NAR urged the IRS to adopt USPAP standards and qualifications and recognize NAR's appraisal designations as it evaluates experience and education criteria. |
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| I'm a Realtor®. What does this mean to my business? |
| Though the proposed IRS regulations concern the appraisal all types of property used in charitable contributions, NAR is concerned that if not drafted properly, qualified appraisers may not be able to work in this field. |
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| NAR Policy: |
| NAR has long standing policy supporting the Uniform Standards of Professional Appraisal Practice (USPAP) as setting appraisal practice standards. |
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| Legislative/Regulatory Status/Outlook: |
| The IRS issued notice 2006-96-- Guidance Regarding Appraisal Requirements for Noncash Charitable Contributions-- in October of 2006 for comments by January 17, 2007. The IRS has not issued a final guidance. |
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