What are the rules pertaining to charitable non-cash donations?
For non-cash charitable donations exceeding $500 in total value, IRS Form 8283 is required to be included with your tax return. A formal appraisal report written by a qualified appraiser certified in the Uniform Standards of Professional Appraisal Practice (USPAP) is required for non-cash donations of $5,000 or more. The report is kept on file by the donor if the amount is under $20,000. When the amount is $20,000 or more, the report is reviewed by an IRS panel of experts. Examination of your properties by a professional appraiser must be performed not earlier than 60 days prior to the donation date and not later than April 15th of the filing period. The examining appraiser is required to sign Form 8283 and may be subject to substantial penalties if the value conclusion is overstated. For this reason, it is imperative to secure the services of a professional appraiser educated in valuation theory, principles, and methodology. Professional appraisers are identifiers and witnesses, not a
