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When do valuable gifts to charity require an appraisal?
July 23, 2024
Categories: Appraisal, charitable giving, Form 8283, Itemized deductions, TCJA
If you donate valuable items to charity and you want to deduct them on your tax return, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. How can you protect your deduction? First, be aware that in order to deduct charitable donations, you must itemize deductions. Due to today’s relatively high standard deduction amounts, fewer taxpayers are itemizing deductions