NAR to IRS: Rely on USPAP, Experience in Appraising Charitable Property

Published: January 24, 2007

<table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b></b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">The Pension Reform Act, signed by President Bush in August 2006, contains provisions regarding the regulation of appraisals in charitable donations of real property. In October, the IRS requested comments on how appraisals should be governed, and what qualifications were necessary for qualified appraisers. In its comments, NAR made three main points: 1) the IRS should adopt Universal Standards of Professional Appraisal Practice (USPAP) as the standard for appraisals in charitable donations; 2) experience and education should be weighted more heavily than membership in an appraisal organization in determining qualifications, yet the IRS should recognize NAR's RAA and GAA designations; and 3) have appraisers verify experience and education on their appraisal reports. To read NAR's comment letter, <a title="blocked::" href="">click here.</a> </td></tr></tbody></table>

Last modified: January 24, 2007 at 4:24 pm | Originally published: January 24, 2007 at 4:24 pm
Printed: September 27, 2020