IRS Appraisal Services

The Tax Code requires certified appraisals which meet very specific legal requirements for donations of personal property.  The IRS has specific appraisal requirements for donations of personal property that are detailed below.

If you make a donation to a tax-exempt organization, you may claim a deduction for the fair-market value of the item or group of items.  If the fair-market value exceeds $5,000 you must get a certified appraisal of the donated property from a qualified appraiser.  Our certified appraisal report, accompanied by a signed copy of IRS form 8283, will meet all IRS requirements for determining fair-market value of your donation.  Although appraisals are required for donations exceeding $5,000, it often makes sense to get an appraisal for lesser valued donations, as this will support your claim of value should you be audited.

•  $500 and less:  The IRS does not require form 8283 if your claimed total charitable deduction does not exceed $500.
  
  
•  $501 to $5,000:  IRS form 8283 must be filed, on which you must report the fair-market value and how it was determined.  You should consider an appraisal if you are not certain the IRS will accept how you determined the fair-market value.
  
  
•  $5,001 to $20,000:  IRS requires form 8283 be attached to your income tax return, and signed by both the appraiser and the charitable institution that received your donation.  A certified appraisal meeting all the IRS requirements is mandatory, and must be kept with your tax records.
  
  
•  $20,000 and above:  IRS form 8283 must be attached to your income tax return, and signed by both the appraiser and the charitable institution that received your donation.  A certified appraisal meeting all the IRS requirements is mandatory.  You must also attach a copy of the appraisal to your tax return.