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The purpose of
an Appraisal survey is to establish a vessel’s value in cases such
as divorce, estate settlement, donation to a non-profit organization,
and others.
Please
Contact Us to discuss your specific
requirements for an Appraisal survey.
During
an Appraisal survey, the vessel is examined and documented.
A fair market value analysis is then conducted using similar vessels
for sale (if available) and other resources.
Typical
resources used to establish the fair market value may include some,
or all of the following:
1.
Vessel condition
and desirability
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2.
Industry
accepted pricing guides
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such as NADA and
BUC
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3.
Published broker
listings
4.
Current market
demand
5.
Internet listings
The resulting
fair market value is fully supported and documented by the research
contained in the Appraisal survey report.
According to
IRS Publication 561- Determining The Value Of Donated
Property, "Except
for inexpensive small boats, the valuation of boats should be
based on an appraisal by a marine surveyor because the physical
condition is so critical to the value."
It goes on to state that
"If
you donate a car, a boat, or an aircraft to a charitable
organization, its Fair Market Value must be determined.
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Certain
commercial firms and trade organizations publish monthly or
seasonal guides for different regions of the country, containing
complete dealer sale prices or dealer-average prices for recent
model years. Prices are reported for each make, model, and year
of used car, aircraft, truck, recreational vehicle, and boat.
These guides also provide estimates for adjusting for unusual
equipment, unusual mileage, and physical condition. The prices
are not "official," and these publications are not considered an
appraisal of any specific donated property. But they do provide
clues for making an appraisal and suggest relative prices for
comparison with current sales and offerings in your area."
For a complete breakdown
of pricing please view the
Pricing Schedule page for more information.
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