Appraised value, resale value and insured value are different
The word "value" means different things for different jobs. The IRS defines fair market value as the price property would sell for on the open market between a willing buyer and a willing seller, neither being forced to act, and both having reasonable knowledge of the facts (IRS Pub. 561). That is the standard for estate inventories, estate tax and donations.
| Type | What it means | Used for |
|---|---|---|
| Fair market value | What it would sell for between a willing buyer and seller | Estate inventory, estate tax, charitable gifts, division among heirs |
| Resale or sale value | What you can actually get at a sale or auction, after fees | Deciding whether to sell, donate or keep |
| Insurance (replacement) value | Cost to replace at retail | Insurance only. The IRS says an insured value is not the value for a donation |
For used household goods like furniture, appliances and linens, the IRS says the fair market value is usually much lower than the price paid when new, and may be little or nothing (IRS Pub. 526). A rough, honest value is fine for ordinary things.
When you need a formal appraisal
- Estate inventory. The personal representative lists the property with reasonable detail and its fair market value at death, within 3 months of appointment (M.G.L. c. 190B s. 3-706). Ordinary contents can be listed in groups at estimated values; real valuables should be appraised.
- Estate tax. If the gross estate is over $2,000,000, a Massachusetts estate tax return is due (Mass. DOR), and every asset has a date-of-death value. See the executor checklist.
- Dividing among heirs. When heirs disagree about who gets what, or want items equalized, a neutral appraisal avoids arguments.
- Charitable gifts. A noncash gift over $5,000 needs a qualified appraisal and Form 8283; a clothing or household item not in good used condition valued over $500 does too (IRS Pub. 526).
- Before a sale or auction. An appraiser or auction house can tell you whether an item is worth separating from an estate sale.
- Insurance. For jewelry, art and collections you plan to keep.
The house itself needs its own date-of-death appraisal by a real estate appraiser. See inherited house taxes and stepped-up basis.
Who to hire: credentials and how they charge
Look for an appraiser who does personal property appraisals and follows USPAP, the Uniform Standards of Professional Appraisal Practice. Three organizations whose sites we could open:
- American Society of Appraisers (ASA). Describes itself as the oldest multi-discipline, non-profit organization of professional appraisers, with a Personal Property discipline and a Find an Appraiser tool (ASA).
- International Society of Appraisers (ISA). A personal property appraiser organization that offers credentials and USPAP courses and has a Find an Appraiser directory (ISA).
- Appraisers Association of America (AAA). An appraiser organization with a Find an Appraiser tool (AAA).
We did not verify the exact credentials each group awards or the Massachusetts rules on who may call themselves an appraiser, so ask the appraiser what training they have, what they specialize in (jewelry, fine art, antiques, coins, general household), and for a sample report.
Fees. The IRS says that for a qualified appraisal, no part of the fee can be based on a percentage of the appraised value, and a fee based on the deduction allowed counts as a percentage fee (IRS Pub. 561). Hire by the hour, by the item, or for a flat fee, and get it in writing. We did not find a sourced Massachusetts price list for appraisals; ask for quotes. Be wary of any buyer who offers a free appraisal and then offers to buy the item.
Jewelry, art and antiques, firearms and vehicles
Jewelry. Get a written appraisal that says which kind of value it states. A retail replacement value for insurance is much higher than what a dealer will pay. The IRS says an insurance appraisal does not give the fair market value for a donation (IRS Pub. 561).
Art, antiques, coins and collections. These often need a specialist. Do not clean, repair or "restore" an item before an appraiser sees it. An auction house or specialist dealer may give a free verbal estimate; a written appraisal for tax or division purposes is a paid service.
Firearms. Massachusetts law gives an heir or devisee up to 60 days after the firearm is transferred into their possession to hold it without a license, and allows them to sell or transfer it to a duly licensed person within that period (M.G.L. c. 140 s. 129C). Mass.gov says to report private firearm transactions, including the inheritance of a firearm, on the Massachusetts Gun Transaction Portal, and that registration and serialization requirements of the Firearm Modernization Law begin October 28, 2026 (Mass.gov). Contact the Firearms Records Bureau at (617) 660-4782 or your local police licensing officer before you move any firearm. Do not put firearms in an estate sale or a cleanout.
Vehicles. The surviving spouse or the personal representative can transfer a vehicle title after death, in person at an RMV Service Center, with the required forms and a copy of the death certificate; the court-appointed personal representative uses a copy of the appointment and the assigned title (Mass.gov RMV). For value, use a published valuation guide and condition, or a dealer’s written offer.
A simple process for most estates
- Photograph every room and list items by room.
- Set aside the possible valuables: jewelry, art, coins, collections, antiques, instruments, guns, watches.
- Get an informal opinion on the top items, then a written appraisal for what matters.
- Give a reasonable group value to ordinary contents on the inventory.
- Keep the appraisals with the estate records. They support the inventory, the tax filings and any heir disagreement.
Then decide how to sell or clear the rest. See estate sale vs auction vs consignment vs donation and whole house cleanout.