Personal Property Appraisals for Charitable Donations: Maximizing Tax Benefits Through Accurate Valuations
July 6, 2023
Making charitable donations can help others while minimizing taxes. But to take full advantage of the tax deductions, the donated items need to be appraised accurately. In this article, we’ll discuss personal property appraisals and how they relate to charitable donations, the tax benefits, the items to appraise, and the best ways to ensure an accurate valuation. We’ll also explore the appraisal process and how it’s performed, as well as the difference between an IRS Form 8283 and a valuation appraisal.