Brigitte Kruse of Brigitte Kruse Appraisal Services is a fifth generation appraiser, highly educated and always hungry for knowledge concerning every aspect of her industry. With such an impressive resume, many professional peers have come to rely on expertise as well as being asked to appear in court as an expert witness multiple times. Following in accordance with USPAP guidelines with all formal appraisals, we are also able to offer online and live valuations and assess the worth of your treasures accordingly. Our support staff is well trained and experienced to assist to provide any task that is called upon them.
Charity Donation Appraisals for Tax Purposes
Brigitte Kruse Appraisal Services offers appraisals for charitable donation purposes. Any donation of personal property such as artwork that appraises at $20,000 or more at fair market value has to submit an appraisal when it comes to filing your taxes if you wish to use it as a tax deduction. The Art Advisory Panel is commissioned by the IRS to perform a mandatory review of donated property that appraised at $20,000 or higher prior to 2011. After 2011, the amount increased to $50,000. Clothing and other household items not in good used condition and valued at $500 or more must have a qualified appraisal attached to the tax return. Any personal property with a claimed tax deduction over $250, must include a written communication from the qualified organization containing details such as the name of the organization as well as the date and amount of the charitable contribution. The tax payer must also have an acknowledgement stating whether the organization provided any goods or services in exchange for the gift. If this was the case, a
description and good faith estimate of the value of those goods or services must be included.
IRS Charitable Donations Value Guide; Fair Market Value for Charitable Contributions
The Fair Market Value is the price at which the personal property would change hands between a willing
buyer and seller, where both had reasonable knowledge about the item and neither was under any compulsion to buy or sell the item. If the charitable contribution is made in a property type that the taxpayer sells in the course of his business, the fair market value is the price the taxpayer would have received if he had sold the personal property item they would normally do so.
Qualified Appraisal Requirements
A qualified appraisal to satisfy the IRS for your charitable donation has to have following criteria:
– Cannot be donated more than 60 days after the appraisal.
– Appraisal is received by the donor before the due date of the return of which the deduction is claimed.
– Appraisal must be signed, prepared, and dated by a qualified appraiser.
– Appraisals must include a certain specified set of information.
– Appraisals do not involve an appraisal fee solely based on the percentage the value of the property, however, with one exception is for certain fees to nonprofit appraiser associations or the value property allowed as a charitable deduction.
– The appraisal must be conducted in accordance with generally accepted appraisal standards and IRS rules.
Qualified Appraisals for Charitable Donation Contributions for Tax Purposes in Beverly Hills, Agoura Hills, Palm Springs, Indio & Southern California
Brigitte Kruse Appraisal Services can get your charitable donation appraisal service performed quickly for your convenience. We follow all the regulations and guidelines to ensure proper protocols. If you are in need of an appraisal for your charitable donation, contact Brigitte Kruse Appraisal Services today and we will do the rest!
