What You Need to Know About Appraisals for Charitable Donation Deductions
July 6, 2023
When donating to charity, many people are curious about the potential tax benefits that are involved in the process. According to the IRS, “if you donate property other than cash to a qualified organization, you may deduct the fair market value of the property.” In this same vein, the IRS also requires that a donor who claims a charitable deduction of $5,000 or more for non-cash donations of personal or real property must obtain a qualified appraisal of the items' combined value.