Non-Cash Charitable Contributions

DID YOU KNOW? If you need to file an 8283 form (non-cash charitable contribution), and the amount of your deduction is $5,000 or more, the IRS requires the appraisal report to be performed by a qualified appraiser.

WHAT IS THE IRS DEFINITION OF A QUALIFIED APPRAISER? 1. A qualified appraiser has earned a professional designation from a recognized professional appraiser organization for demonstrated competency in valuing the type of property being appraised, or has met certain minimum education and experience requirements. 2. The individual regularly prepares appraisals for which he or she is paid. 3. The individual demonstrates verifiable education and experience in valuing the type of property being appraised. 4. The individual has not been prohibited from practicing before the IRS under section 330(c) of title 31 of the United States Code at any time during the three-year period ending on the date of the appraisal.

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Definition of a Qualified Appraiser Source: https://www.worthwhile-magazine.com/articles/what-to-look-for-when-seeking-a-qualified-personal-property-appraiser