The Internal Revenue Service has included the definitions of “qualified appraisal” and “qualified appraiser” in its newly issued final regulations relating to the amount deductible from a decedent’s gross estate for claims against the estate
under section 2053(a)(3) of the Internal Revenue Code. According to the IRS’ Estate Tax Rules, the “qualified appraisal” (value) of each claim must be performed by a “qualified appraiser.”
As provided in the latest IRS final regulations, the definitions of “qualified appraisal” and “qualified appraiser” in regard to Estate Tax Rules have been married with the definition the IRS provided for noncash charitable contributions,
which the agency originally issued as Notice 2006-96 in October 2006.
Per Notice 2006-96, the IRS defines “qualified appraisal” as a document that:
· Is made, signed and dated by a qualified appraiser (defined below) in accordance with generally accepted appraisal standards
· Meets the relevant requirements of Regulations section 1.170A-13(c)(3) and Notice 2006-96, 2006-46 I.R.B. 902 (available at
· Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property
· Does not involve a prohibited appraisal fee
· Includes certain information, such as a property description, terms of the sale agreement, appraiser identification information, date of valuation and valuation methods employed, among other requirements.
The IRS defined qualified appraiser as an individual who: