Expert Donation Appraisals for Tax-Deductible Contributions
Donation appraisals are a critical part of the process when you're donating valuable items to a charity and want to claim a tax deduction. If you are considering a tax-deductible, non-cash, charitable donation or need to file a casualty loss claim, we can help with your Federal Tax appraisal. We follow the Internal Revenue Service’s strict requirements regarding submitting formal documents from a qualified appraiser and follow approved methods under the USPAP guidelines.
If the value of the donated property exceeds $5,000, the donor must get a qualified appraisal for contributions of property (other than money or publicly traded securities). The IRS requires a qualified appraisal for certain noncash donations to substantiate the value of your contribution and ensure you're claiming the correct deduction. A professional appraisal helps determine the fair market value (FMV) of your donation, which is the basis for your tax deduction. The donee organization is not a qualified appraiser to value the donated property.
The appraisal report must include specific information, such as a detailed description of the property, its condition, the date of valuation, the Fair Market Value, and the appraiser's qualifications.
We gather the information from the client and the donated institution.
One of our qualified appraisers then will research comparable examples and arrive at a fair market value for the donated work. A market analysis is also included in the report.
A fully compliant, signed, printed appraisal report that is accepted by the IRS is dispatched along with a digital copy.
