Quote:
Originally Posted by Peter_Spaeth
Bob, I know insurance appraisals are at the other end of the spectrum and tend to be inflated, but the disparity between the estate appraisal and previous insurance appraisals was, to say the least, remarkable. I found the whole thing offensive even if it saved some money. Yes, the SOL has passed so not worried about it from a liability standpoint.
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Yeah, but don't people often suggest one value for purchase/sale, and then tack on another 10%-20%, or more, for insurance purposes? I seem to remember almost every appraiser I've ever seen on Antiques Roadshow say the item is worth X, but then tell the owner to insure it for X + Y. I believe they do that to cover possible increases and short-term spikes in future value. So I wouldn't get too worked up about that difference, and would have no problem telling an IRS agent to go watch an episode or two of Antiques Roadshow if they had a problem or didn't understand. LOL