A letter to the IRS urges the agency to spell out the specific professional credentials that would suffice under the definition of “qualified appraiser” in Section 170 of the tax law. Section 170 requires any charitable contribution of property valued in excess of $5,000 to be substantiated on the tax return with a qualified appraisal. In proposed rules, the IRS did not explicitly state what designations would meet the definition. The letter, from the CFA Institute, the American Society of Appraisers (ASA), and the National Association of Independent Fee Appraisers (NAIFA), asks the IRS to consider recognizing the designations they offer, such as the Accredited Senior Appraiser (ASA), Chartered Financial Analyst (CFA), the Independent Fee Appraiser (IFA), and others. “These designations have proven rigor in the valuation profession, and they are a mark for excellence because of their stringent criteria in education, experience, and professionalism,” the letter says.
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