MMD > Archives > April 2018 > 2018.04.10 > 03Prev  Next


IRS Appraisal and Donation Rules
By Troy Duncan

Regarding donating property valued greater than $5,000, the donated property 
must be appraised by a qualified appraiser, and you should use Form 8283. 
 
I suggest you Google IRS publication 561, which has everything you need to 
know regarding donating property of any dollar amount and also Google IRS Form 
8283, which is required for donations above $5,000.  Both forms are straight-
forward.

Keep in mind with the new 2018 tax laws limiting state/local/property tax 
deductions to only $10,000 per year, many people who have historically 
itemized deductions will simply claim the standard deduction henceforth. But
you need to itemize in order to claim a deduction for donated property.

You can download both forms mentioned above to a PDF format.

Note: I am not a tax expert and you should consult a currently licensed tax
professional before making any tax related decisions.

Troy Duncan, CPA (retired)


(Message sent Tue 10 Apr 2018, 00:17:35 GMT, from time zone GMT-0700.)

Key Words in Subject:  Appraisal, Donation, IRS, Rules
Enter text below to search the MMD Website with Google

Please Support Publication of the MMD with your Generous Donation
No PayPal account required
SSL Certificate
by
Let's Encrypt