For non-cash charitable donations, a formal appraisal is often required, particularly when the fair market value of the donated artwork exceeds $5,000. Our Non-Cash Charitable Donation Appraisal Reports are fully compliant with the Uniform Standards of Professional Appraisal Practice (USPAP) and meet all IRS requirements for donation appraisals.
Qualified Appraisers
All of our appraisers are recognized as “Qualified” by IRS standards. Our reports include the following essential components:
- Specific Object Identification: Detailed descriptions and documentation of the artwork or objects being appraised.
- In-depth Research & Market Analysis: Comprehensive research into relevant market trends, historical context, and comparable sales data.
- Photography Requirements: High-quality images that comply with IRS standards to accurately document the donation.
Tailored Appraisal Reports
The appraisal requirements depend on the fair market value of the donated property and the amount of deduction being claimed. Our reports are created as of the date of donation and ensure that all necessary details are captured, providing accurate and compliant documentation.
IRS Documentation
Fair Market Values are determined as of the date of donation and are thoroughly substantiated with comparable sales data and analysis. Additionally, our appraisers are qualified to complete IRS Form 8283, which taxpayers must file with their return. We take responsibility for completing Section B, Part III of the form, ensuring full compliance.
If you are donating artwork and need a professional appraisal, contact us today to ensure your donation is documented accurately and meets IRS standards.