Qualified Appraisers
Section 1219 of the Pension Protection Act of 2006 established strict standards for Qualified Appraisers.
The law defines a Qualified Appraiser as an individual who prepares their work according to the Uniform Standards of Professional Practice (USPAP), developed by the Appraisal Standards Board of the Appraisal Foundation, and who:
- Has earned an appraisal designation from a recognized professional appraisal organization
- Regularly performs appraisals for which he receives compensation
- Can demonstrate verifiable education and experience by having completed "college or professional-level coursework" in valuing (appraising) the type of property subject to the appraisal
- Must have two years of experience in buying, selling or valuing the type of gifted property
- Has not been prohibited from practicing before the IRS at any time during the three years preceding the appraisal
Who cannot be a Qualified Appraiser:
- The donor
- The donee
- A party to the donor's acquisition of the property
- Any one employed by or related to any of the above
- Someone used regularly by any of the above unless the majority of that work is performed by others