End of Year Charitable Contributions and IRS Tax Deductions

Are you, your company, or clients looking to donate items and using those donated items as tax deductions? Our appraisal company has been getting many requests from individuals and companies or their accountants donating items to charitable organizations. Items being donated have included face masks, medical equipment and supplies, electric wheelchairs, construction equipment, vintage railroad equipment, and vehicles.

They are coming to us because they need IRS Form 8283 Noncash Charitable Contributions completed which requires an appraiser’s certification.

The Internal Revenue Service requires Form 8283 Noncash Charitable Contribution be completed and attached to the tax return for:

• Any personal property with a claimed deduction exceeding $500 but less than $5,000, the client must complete Section A of the Form 8283 and attach it to the tax return (this includes donation of household contents exceeding claimed ($500)

• Any personal property with a claimed deduction of $5,000 or more, Section B of IRS Form 8283 must be completed (including “qualified appraiser’s” and donee’s signatures) and attached to the tax return. A qualified appraisal must be prepared for the donated property.

Qualified appraisal: An appraisal document that is made, signed, and dated by a qualified appraiser in accordance with generally accepted appraisal standards.

That is where we come in. Our company, Certified Asset Appraisals, understands the IRS donation requirements and can complete the form for you.  We will also provide a written appraisal report as required. Whether you are donating one item or many, it’s simple and easy. Just send us a list and description of what you are donating and we will do the rest.