Tax Tip of the Week
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Get an appraisal before you donate
For the week of
August 27, 2001
If you are planning to donate a major asset to a charity, it's a good idea to get
an appraisal before you donate the property. To write off property donations worth $5,000 or more, you must obtain
an appraisal that supports your deduction before you file your tax return.
Once you give property away, it may be more difficult to obtain an appraisal. The charity may have sold the asset,
for example. Also, it may be more expensive to obtain a retroactive appraisal than it is to get it at the time
the property is donated. And if you fail to obtain an appraisal, the IRS can disallow your tax deduction.
To get the best tax results, it pays to be familiar with the rules and to
notify your accountant before you enter into any major financial transaction. If we can be of assistance, please
give us a call.
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and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
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