At Von Hasle Jewelers, we meet the IRS requirements for a “qualified appraisal” by a “qualified appraiser” as outlined by the IRS.
Von Hasle Jewelers is located in Racine, Wisconsin which is roughly 40 minutes north of the Illinois border, and 40 minutes south of Milwaukee.
What is an estate jewelry appraisal or valuation?
Estate jewelry appraisals are assessments of the value of previously owned jewelry items that may or may not be vintage or antique, such as rings, necklaces, bracelets, and earrings, that are typically sold as part of an estate or inherited from a deceased family member.
Estate jewelry valuation or appraisals take into account factors such as the age, condition, rarity, and quality of the piece, as well as current market conditions and trends. They can be used for a variety of purposes, including estate planning, tax liability calculations, and selling or purchasing estate jewelry.
Common Reasons for Estate Appraisals
- Gift/Inheritance Tax: Inherited jewelry or received it as a gift and need to understand the tax implications whether you’re in Wisconsin, Illinois or another state.
- Charitable Donations: You are considering donating jewelry to charity and need details for tax purposes.
How much does it cost to have estate jewelry appraised?
$240 per hour at Von Hasle Jewelers in Racine, Wisconsin.
There is an initial consultation to understand your unique situation, the reason you need the appraisal, the number of items that will be involved, and the timing when the information is needed.
After the initial consultation, which is typically an hour, you can expect the appraisals of the jewelry items to be roughly 30-45 minutes per piece. For example the appraisal of 5 items could cost $840.
How long does it take to complete the jewelry appraisal?
Less than one week for a few items. If you have a large collection, it could take longer and we would let you know before we got started.
Other Frequently Asked Questions
Why is a Fair Market Value (FMV) Appraisal important for estate purposes?
When it comes to the tax implications of inheriting jewelry, receiving it as a gift, or wanting to give it as a gift or charitable donation, the IRS has guidelines to ensure the value of those items is properly determined.
At Von Hasle Jewelers, we meet the IRS requirements for a “qualified appraisal” by a “qualified appraiser” as outlined in IRS Publication 561 and IRS Revenue Procedure 66-49 as well as the standards set forth in the Uniform Standards of Professional Appraisal Practice (USPAP). IRS Publication 561 is about determining the fair market value for taxes and IRS Revenue Procedure 66-49 is about determining the value for charitable contributions.
A FMV appraisal takes into account various factors, such as the quality and condition of the jewelry, the current market demand for similar pieces, and any recent sales of comparable jewelry. The appraiser will typically research recent sales and auction records, as well as consult with industry experts, to determine the appropriate market value for the jewelry.
FMV appraisals are different from retail appraisals, which are typically higher because they include markups for profit and overhead costs associated with retail sales.