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Currently Browsing: Donation

Nine Tips on Deducting Charitable Contributions from the IRS

Nine Tips on Deducting Charitable Contributions from the IRS The IRS has released a list of tips to assist with obtaining tax deductions on charitable contributions.  For non-cash contributions with a fair market value of $5,000 or more, a qualified appraisal is required by a “Qualified Appraiser”.  See tip #9.     IRS Tax Tip 2013-45, April 1, 2013 Giving to charity may make you feel good and help you lower your tax bill. The IRS offers these nine tips to help ensure your contributions...

ESTATE / LIFE PLANNING APPRAISALS

ESTATE / LIFE PLANNING APPRAISALS There are many times in a person’s life when they need to make plans regarding their collections and other personal property: 1) Estate planning 2) Downsizing 3) Distribution to family members 4) Donation 5) Tax planning An essential part of this process is to have your collection appraised so that you can find out current values and make informed decisions.  The appropriate level of value is Fair Market Value. Remember, it’s important to...

Charitable Donation Appraisal - FAQs

Charitable Donation Appraisal - FAQs I frequently receive calls regarding valuation for non-cash charitable donations, so I’d like to address questions from an appraiser’s point of view.  I cannot give tax advice, so a consultation with the appropriate professional is recommended. Prior to accepting the assignment, the appraiser will ask a number of questions: What do you have to donate?  How were the items acquired?  Which charity are you donating to and is it a related...