IRS Aircraft Appraisal Requirements: What You Need to Know
When it comes to owning an aircraft, it's important to have an accurate understanding of its value for insurance, taxes, and financing purposes. The IRS has specific requirements for aircraft appraisals, and it's essential to understand these requirements to ensure compliance. Worldwide Aircraft Appraisals is a leading provider of aircraft appraisal services, including helicopter appraisals. In this article, we will discuss IRS aircraft appraisal requirements and what you need to know. The IRS requires aircraft owners to have an appraisal conducted by a qualified appraiser to determine the fair market value of the aircraft. The appraiser must be a certified aircraft appraiser with a current certification from a recognized professional aircraft appraiser organisation. The IRS also requires that the appraisal be conducted within 60 days of the date of donation or sale. The appraisal report must include a detailed description of the aircraft, its condition, and any m...