Charitable Donation for a Tax Deduction
Nugent Appraisal Services has a staff of accredited, IRS qualified appraisers that produce USPAP compliant appraisal reports that certify the value of personal property in order to itemize a deduction on tax returns. We have been producing reports for the IRS since 1976 – thousands of reports. Our reports certify the value of Fine Art, Jewelry, Antiques, Collectibles, Memorabilia, and General Residential and Commercial Contents.
We are not tax advisors or consultants. However, for general informational purposes this article follows the Instructions for Form 8283 (Rev. December 2012) that explains the basic requirements of donating and receiving a required certified appraisal.
When we complete the certified fair market value appraisal for charitable donation we supply to you a signed IRS 8283 form that certifies the value of the assets you have already donated or intend to donate. If you have already donated and your tax preparer has informed you that you should have had the items appraised and will need an 8283 form – no worries – in most cases we can acquire the asset information and backdate the value to the date of donation.
CONTACT US to discuss if you have already gifted the items and have now become aware of the need for an appraisal and 8283 form.
The critical IRS requirement that you should be aware of when itemizing a deduction on your return from a donation of personal property to a properly designated charitable organization:
You must file Form 8283 if the amount of your deduction for all noncash gifts is more than $500. Form 8283 is filed by individuals, partnerships, and corporations.
The appraisal must be made by a qualified appraiser in accordance with generally accepted appraisal standards (USPAP).
A separate qualified appraisal and a separate Form 8283 are required for each item of property except for an item that is part of a group of similar items. Only one appraisal is required for a group of similar items contributed in the same tax year, if it includes all the required information for each item.
The appraiser must sign the IRS 8283 form, as well as the donor, and a representative of the organization receiving the property. That individual must be authorized to sign the tax returns on behalf of the organization.
If you have donated noncash items or intend to donate items and have questions about the requirements surrounding the appraisal and itemization of a tax deduction CONTACT US. If we lack the information we will point you in the direction of the source of the information.