Have you read IRS Pub 561 recently?

November 6, 2020

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

Brian Kathenes, ISA CAPP
Certified Appraiser / Managing Partner
NAC, LLC

About Author

Brian Kathenes

Brian Kathenes is a Managing Partner of National Appraisal Consultants, L.L.C. He is Chairman of the New York Winter Antique Show Vetting Committee on Autographs, Manuscripts & Rare Books and is responsible for vetting all autographs, documents and manuscripts displayed and sold at this most prestigious show. Mr. Kathenes has presented seminars and symposia for over 172,000 participants and clients including the International Society of Appraisers (ISA) CAPP Course 101, ISA’s Advanced Appraisal Report Writing, and Appraisal Techniques and Practical Information for Archivists and Librarians from the National Archives and the Library of Congress in Washington, D.C...Read More.

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Have you read IRS Pub 561 recently?