Appraisal Reports
An Appraisal Report is necessary for scheduling individual items with your insurance company or when property is being transferred. An Appraisal Report will include detailed property descriptions & itemized values in a bound document with an affidavit & summary page.
For property being transferred, an Appraisal Report provides a cost basis for the new owner. The cost basis of an object is the value of an object when the person acquired it. When an object is passed from one person to the next without a written appraisal & the proper tax documentation, the cost basis is zero.