Tax Donation Appraisal

The 8283 Form must be completed according to the following:

Any personal property with a claimed deduction exceeding $500 but less than $5,000, the client must complete Section A of the Form 8283 and attach it to the tax return (this includes donation of household contents exceeding claimed$500)
Any personal property with a claimed deduction of $5,000 or more, Section B of IRS Form 8283 must be completed (including “qualified appraiser’s” and donee’s signatures) and attached to the tax return. A qualified appraisal must be prepared for the donated property.

For any donation of personal property with a claimed deduction:

Art work(s) with a total claimed value deduction at or exceeding $20,000 must have a complete, signed appraisal by a qualified appraiser attached to the return; and be sure to verify IRS requirements regarding photo documentation,
Clothing and household items not in good used condition an valued at or above $500 must have a qualified appraisal attached to the return (otherwise, clothing or household items NOT in good or better used condition may not be claimed;
Any personal property with a claimed deduction exceeding $250, must include with the return a written communication from the qualified organization containing the name of the organization, the date of the contribution and the amount of the contribution; and the client must have an acknowledgement stating whether the organization provided any goods or services in exchange for the gift and, if so, a description and a good faith estimate of the value of those goods or services.

For more complete details please (click here)

Appraisals for tax donation purposes should be USPAP compliant (click here for details).

What is a qualified appraiser? (click here).

tax donation appraisal

SITE SOURCE: [http://www.appraisers.org/docs/default-source/discipline_pp/irs-requirements-for-appraisals-of-gifts-and-donations.pdf]

Archives for form 8283