Why Get an Appraisal?

• For insurance purposes.
  1. We at Galosi Enterprises LLC take appraising to a new level.  Not only do we give you a paper copy, we also give you detailed photographs which you can use in the event of a lose to fully document/support the claim.  Think: Fire, Theft, and Flooding.
• Estate Purposes.
  1. In the event of your passing, your heirs may want to sell your collection or may be forced to spit the collection evenly. This may require an appraisal for Fair Market Value.
• Tax Purposes.
  1. In the event you must pay taxes on the collection, assuming the collection is not appraised in a timely manner or before the family member’s passing, you might be required to pay tax on Full Sale Price.
     1. You sell a collection, un-appraised, at auction for $10,000. You pay the inheritance tax of 28% on the full $10,000.  Thereby, paying $2,800 to the IRS.
     2. For example, the collection is appraised $10,000. You decide to sell it at auction, and it goes for $10,000.  You only pay on the difference of $2,000.  Thereby paying the IRS NOTHING.  

• Another example: The collection is appraised at $10,000 and sells for $8000. You are able to deduct the difference of $2000 from the Estate.

• 1. In the event of divorce, some States require a listing of all assets and their worth.
• Gift/Charity.
  1. For Tax Purposes, you will be required to provide a current appraisal to the IRS.
• 1. This is within the Court System to help determine the Person(s) and/or Company assets.

*Due to frequent changes in tax regulations we cannot guarantee accuracy any of the references or numbers named above.