Tuesday, July 27, 2010

IRS requirements for Charitable Donation appraisals - additional Guidance

The IRS has strict requirements for appraisals for Charitable Donation and has issued additional guidance for donations of art $20,000 and above - donations which generally are subject to review by the IRS's Art Advisory Board. This includes the requirement that a written appraisal be attached to the tax return and that 8"x10" color photographs of individual items appraised at $20,000 and above be included. Also required is the acquisition cost of the donated item as well as the source and date of acquisition. Click on the link below to find out more.