The IRS sets limits on the value that can be gifted to another person before requiring taxes to be paid on the funds received. Above those limits, taxes are based on the value received. An appraisal can be used to provide this proof of value when a vehicle is gifted.
A standard vehicle appraisal includes an assessment of condition and a determination of the fair market value of the vehicle. It provides the documentation required to justify the value claimed for tax purposes.
Standard Vehicle Appraisal
$175 plus travel* and tolls
A standard vehicle appraisal provides a value of the vehicle at the current time. We inspect and photograph the condition of the vehicle and collect any information from the owner that could affect its value. We then rate the vehicle on a universal scale of condition.
We research websites, auctions, “For Sale”, publications like “Old Cars”, “NADA” etc., and consult with experts to establish the fair market value range of the vehicle. With all this information, we assess the value of the vehicle and prepare a formal appraisal report.
The first hour (round-trip estimate) is free. Any travel exceeding one hour round-trip (door to door) is $75/hour by car. Travel time is $50/hour for any transportation other than driving. Parking, tolls, etc. are additional. Motels, meals, and other related overnight expenses are billed at actual cost.