Hello All & Happy Friday,

Please excuse the cross posting.

I have a few questions related to appraisals and IRS form 8283 that I'm hoping you can help me with.

First, the professional appraisal that has been provided to the museum by the donor will exceed the 60 day IRS limit, but just by about 6 weeks. I understand the law and I don't want to fudge anything, but I would like to know what an appropriate course of action would be. Would the IRS accept an addendum by the appraiser stating that the values on the original are still current? Or would the donor have to get a completely new appraisal document from the appraiser? How have you handled such situations?

Also, the appraisal document only gives values for groups of like items, instead of for each item separately. For instance, a value of $3,000 is given for a group of 7 platters, but there is no value listed for the individual pieces. Although, from what I understand, the individual values do not have to be listed on the 8283 form, we need them for university inventory and insurance purposes. I've never seen an appraisal without individual values listed. Is this fairly common? Have you ever had to deal with such an appraisal? I feel it would be a conflict of interest for the museum to ask the appraiser directly for some additional information, but it wouldn't be inappropriate for the owner of the pieces to ask, would it? If this appraisal could be considered sub-par because of the omission of key information, does the owner have the right to request the information without additional payment?

Can anyone share any insights?

Thank you,
Amanda Dyer

Amanda Dyer
Collections Manager
MSC Forsyth Center Galleries, Texas A&M University
110 N. Main St.
Bryan, TX 77803-3234
Tel: 979.845.9251
Direct line: 979.458.5461
Fax: 979.845.9252
Mail: [log in to unmask]<mailto:[log in to unmask]>
Website: http://forsyth.tamu.edu/


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