Appraisal Witness: Qualified Expert

Appraisal Witness: Qualified Expert

Expert Appraisal Witness Defined

An Expert Appraisal Witness is legally defined as a person who through education or experience, or specialized training has developed skill or knowledge in a particular subject so that they may form an opinion that will assist the fact finder. This is found in Federal Rules of Evidence 702. The appraiser as an expert witness is to assist the fact finder to understand a complicated or technical subject. The expert witness is relevant evidence if that testimony assists the fact finder.

The Federal rules of evidence that govern expert witness testimonies are rule 701, 702, 703, 704, 705 and 706.

There are three qualities of an expert appraisal witness within the expert appraisal witness category.

    • A testifying expert appraisal witness is an expert who is identified by a party as a potential witness at trial. Federal court procedures require all parties to provide initial disclosures to all other parties including information about testifying expert appraisal witness’ opinion and qualifications including all information that the witness considers in forming the opinion. *Federal Rules of Civil Procedure, 26(a)(2)(b).
    • A consulting expert’s opinions are usually exempt from the scope of discovery. The consulting expert appraisal witness is an expert who is retained by a party, but not expected to be called as a witness at trial. *Federal Rules of Civil Procedure 26(b)(4)(B).
    • Impartial expert appraisal witness is an expert who is wanted by the court to be unbiased.
    *Federal Rules of Evidence 706Rule 702 governs expert Appraisal Witnesses.

If specialized knowledge or technical or scientific knowledge will assist the trier of fact determine the fact in issue or to understand the evidence, a witness qualified as an expert appraisal witness by education, experience, training, knowledge or skill, may testify otherwise or in the form of an opinion , if

    (1) the testimony is the results of reliable methods and principles
    (2) the witness has applied the methods and principles reliably to the facts of the case, and
    (3) that testimony is based on sufficient data or facts.

Subject of an expert appraisal witness’ testimony; The trial judge in all cases of proffered expert appraisal witness testimony must find that it is not speculative, well reasoned and properly grounded, before it can be admitted as evidence. The expert appraisal witness’ testimony must be founded in an experience in the expert appraisal witness’ field or an acceptable body of learning and the expert appraisal witness must explain how the conclusions are attained.

Most states follow the Federal rules of evidence regarding the definition of a testifying expert appraisal witness. That definition is: an expert has to be scientifically or technically skilled in the expert’s field and is a value weighted by reference to the knowledge and experience in a particular field.

Rule 26(b)(4)(C) enables an expert appraisal witness to be paid their expert fee. Unless manifest injustice would be a result, (ii) in regards to discovery obtained under this rule (b)(4)(B) the court shall require the seeking party of discovery to pay the other party a fair portion of expenses and fees reasonably incurred by the latter party in obtaining opinions and facts from the expert appraisal witness and; (i) the court shall require that the seeking party of discovery to pay the expert appraisal witness a reasonable fee for the time spent in responding to discovery under the rule subdivision(b)(4)(B).

Durkin Valuation Associates truly define expert appraisal witness. 70 years combined experience over the past 30 years with seven Senior Prossional Appraisers. Our irrefutable testimonies have helped the define Judges definition of an expert appraisal witness nationwide.
Call (617) 720-0332

Expert Appraisal Witness
  1. (required)
  2. (valid email required)
Please answer the Human verification question.

cforms contact form by delicious:days

expert appraisal witness

Technorati Tags:

Be Sociable, Share!

Whitney Houston's Estate Nears IRS Deal In $11M Tax Case
Law360 (subscription)
Law360, Washington (September 15, 2017, 1:45 PM EDT) -- Singer Whitney Houston's estate is nearing a deal to resolve a challenged $11 million Internal Revenue Service tax bill over allegedly overvalued record royalties, publicity rights and other ...

DTN The Progressive Farmer (registration) (blog)

Watch Charity Rules
DTN The Progressive Farmer (registration) (blog)
The IRS has learned to closely scrutinize these appraisal situations because of the many detailed requirements that can disallow the deduction. For example, there are strict dates regarding the completion of the appraisal (no more than 60 days prior to ...

RERI Holdings I, LLC: What the Basis?
Lexology (registration)
... charitable deductions: (1) a contemporaneous written acknowledgement of the donation by the donee, the so-called “(f)(8) letter,” and (2) an appraisal summary—IRS Form 8283—which provides the IRS with pertinent information about the donated ...

Detroit Free Press

How Stephen M. Ross' gift to the University of Michigan ended up in tax court
Detroit Free Press
asked IRS lawyer Travis Vance III. “It's uncommon,” Gordon Beeman, then U-M associate general counsel in charge of vetting charitable gifts, answered at his deposition. (On its own, RERI obtained an appraisal for the stake in September 2003 of $32,935 ...

and more »

The CPA Journal

Tax and Financial Aspects of Disasters | In the Wake of Hurricane Harvey
The CPA Journal
The appraisal must take into account the effects of any general market decline affecting undamaged as well as damaged property, which may occur simultaneously with the casualty event. Sentimental value for heirlooms and ... premiums or dropped coverage ...

Washington Post

How to get a tax write-off from your home remodel
Washington Post
To take a deduction of more than $5,000 worth of materials from the renovation project, the donated materials must be appraised by what the IRS refers to as a “qualified appraiser.” My experience with this process began while designing a new kitchen ...

Reconstructing Records After A Natural Disaster Or Casualty Loss; IRS Provides Tips To Help Taxpayers
Los Alamos Daily Post
This information can be found by contacting an appraisal company or visiting a website that provides home valuations. Check with the mortgage company for copies of appraisals or other information they may have about cost or fair market value in the area.


Hurricane Harvey Could Hit Storm Victims Again on Tax Day
They get complex quickly, but at the core, people will need appraisals of a property's worth before and after the flooding. And, in many cases, ... says Kirkland. One advantage, Calhoun notes: The IRS typically extends filing deadlines for people ...

and more »

Stay compliant on charitable contributions (blog)
Too often we've seen taxpayers forget to obtain an appraisal; the IRS will not permit a deduction without it. The substantiation rules are more complicated now than they were in the “old days.” With proper planning and a general understanding of the ...

RERI Holdings I, LLC: The Tax Court Changes Course Regarding Substantial Compliance with IRS Form 8283.
Lexology (registration)
The IRS had been challenging the charitable deduction on economic substance grounds and whether the appraisal the taxpayer used to value its claimed charitable deduction was a “qualified appraisal.” See RERI Holdings, I LLC v. Comm'r, T.C. Memo.

Google News

Copyright © 2008, 2009, 2010, 2011, 2012 All rights reserved.