How is the value of my gift determined?
In short, the IRS allows you, the donor, to assess the fair market value of
the gift. All individual tax situations are different, so please check with your
tax professional to determine how you may benefit.
We can refer you to an IRS Publication which explains how the IRS requires
you to determine the value of your donated property; you may review this
publication on the IRS web siteUTH.
If your donation is worth more than $5,000 then you will need an appraisal
and a signed 8283 tax form for your tax purposes. Please check with your
tax professional to determine how to arrange to have your gift valued by
an independent appraiser and provide you with all the necessary
documentation to properly claim your tax deduction.
