Insights
Appraisal Guides & Insights
Expert appraisal guidance — what drives value, when you need a USPAP-compliant appraisal, and how the process works.
Latest posts
What Happens When the IRS Flags Your Chicago Donation Appraisal as Overvalued
An overstated charitable donation appraisal can trigger an IRS accuracy-related penalty of 20% to 40% once the resulting underpayment exceeds $5,000. This guide explains the penalty brackets, the Form 8283 dollar thresholds, and how a properly documented appraisal protects a Chicago donor's deduction.
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Form 8283 Section A vs Section B: Which One Applies to Your Chicago Donation?
Whether your noncash donation needs IRS Form 8283 Section A or Section B comes down to one number: $5,000. This guide walks Chicago donors through the test, the exceptions, and what a Section B appraisal requires before you file.
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Illinois Small Estate Affidavit: When Cook County Still Requires a Personal Property Appraisal
The Illinois small estate affidavit lets heirs skip probate court for personal property under $150,000, but it doesn't erase the need for a defensible valuation. Here's when Cook County heirs can rely on a simple estimate and when a professional appraisal still protects them.
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Does Illinois Have Its Own Estate Tax and How Does Personal Property Factor In?
Illinois imposes its own estate tax with a $4 million exclusion, far below the federal threshold, and tangible personal property like art, jewelry, and collections counts toward that number at fair market value. Here's how that math works and why an appraisal matters before you file.
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Chicago Charities and Museums That Accept Art, Antique, and Collection Donations
Chicago museums, university collections, and general donation centers each accept art and antiques under different terms, and knowing which one fits your item matters before you make a call. This guide walks through what each recipient type typically accepts and where a qualified appraisal fits into your tax deduction.
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Which Estate Items Need a Professional Appraisal? A Chicago Executor's Triage Guide
Not every item in a Chicago estate needs a credentialed appraiser, but IRS Form 706 and Illinois probate law both draw lines that determine which estate items need a professional appraisal and which can be listed in bulk. This guide gives executors a clear triage: what goes into a general inventory, and what belongs in the hands of a specialist.
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How Illinois Divides Personal Property in a Divorce Under State Law
Illinois courts divide personal property under an equitable distribution standard, not a 50/50 split, and the valuation date a court picks can change what an item is worth on paper. This guide explains the statute, the marital vs. non-marital line, and when a personal property appraisal divorce Illinois case actually needs one.
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What Happens If the IRS Questions Your Chicago Charitable Donation Appraisal
An IRS review of a charitable donation appraisal and Form 8283 filing turns on a handful of specific red flags, not bad luck. Here's what triggers scrutiny, what a Chicago donor should keep on file, and what a reduced or disallowed deduction actually costs.
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What Cook County, Illinois Probate Law Says About Personal Property Appraisals
Illinois probate law requires a fair-market-value inventory of a decedent's personal property, and Cook County estates follow specific rules on administration type, filing deadlines, and when a professional appraisal is required. This guide breaks down the $150,000 small estate threshold, the 60-day inventory deadline, and exactly when executors need a qualified personal property appraisal.
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