Donating property? — Don’t skimp on the appraisal

Description

Abstract: When donating property to charity, it’s critical to comply with tax rules for substantiating the value of the gift. Otherwise, the IRS may deny the entire charitable deduction, even if the valuation is spot-on. This article shows that, with most large donations of property, the property must be appraised by a qualified appraiser. It explains what constitutes a “qualified appraiser” and what must be involved in the appraisal itself. Citation: T.C. Memo. 2012-152, 5/29/12