IRS Charitable Contribution Procedure
Way back in February, the IRS released a new version of IRS Publication 561 – “Determining the Value of Donated Property.” If you have not studied it in detail, it’s time to take closer look.
I won’t describe all the changes, but you might find the penalties section of special interest, as well as how the IRS defines a qualified appraiser.
Also – Check out page 8 under the “Appraisals” section. I love this quote: “The appraiser’s opinion is never more valid than the facts on which it is based; without these facts it is simply a guess.”
Want to learn more about how to avoid the potholes and traps when writing charitable contribution appraisals? Then download the publication at: IRS_Pub_561, and give us a call at (908) 459-5996.
Stay safe and healthy,
Brian Kathenes, ISA CAPP
Certified Appraiser / Managing Partner