When should an appraisal of a non-cash charitable contribution be performed?

Taxpayers who make charitable contributions of non-cash property could be putting themselves in IRS penalty danger if the contribution is more than $5,000 and the property has not been appraised by a qualified appraiser who has issued a qualified appraisal report. A recent Tax Court case emphasizes the need for an appraisal report to be …

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The Proper Way to Report Business Charitable Deductions

The rules for making charitable donations from your business are similar to those governing personal donations. For example, you can donate cash or property, your total deduction may be limited, you may need to get an appraisal to establish value, and you have to keep good records. The reporting of the charitable deduction depends on …

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No appraisal, no charitable deduction

IRS regs require taxpayer to hire a qualified appraiser when making a charitable contribution The IRS appears to be examining charitable contributions more closely in recent years, paying careful attention as to whether the donor has properly dotted all i’s and crossed all t’s. In the case of Mohamed v. Commissioner, T.C. Memo 2012-152, Joseph …

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