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GAA Gemological Appraisal Samples
The most common reason for an appraisal is insurance coverage.
GAA provides a written statement, independently and impartially prepared by a qualified appraiser, setting forth an opinion of defined value of an adequately described property, as of a specific date supported by the presentation and analysis of relevant market information.
Common reasons for an appraisal.
- When the owner of jewelry wishes to insure the replacement cost.
- To determine Actual Cash Value in the case of an insured loss. Casualty is loss allowed by the IRS as an income deduction for lost items not recoverable by insurance based upon documentation that establishes values for the lost articles.
- When an executor or trust officer requires a Fair Market Value for estate purposes whether to list the items in a taxable estate or for equitable distribution among heirs.
- In the case of divorce, the parties or attorneys may request an appraisal for the dissolution of commonly held property.
- A charitable donation appraisal is required if jewelry or gemstones are donated to a public institution, charity or museum. IRS rules apply.
- Liquidation of assets.
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