Considering donating real estate and not sure where to start?
First and foremost, know that you’ll need a qualified appraisal, performed by a qualified appraiser. Whether its between family members or to a charitable organization, you will be in need of an “IRS Qualifed” appraisal. Our certified appraisers produce reliable IRS Qualified Appraisal Reports for itemizing tax deductions for the donation of residential real estate property.
A qualified appraisal document is used to notify the IRS that the value of a piece of property is in excess of $5,000, and is attached to Form 8283 and filed with a tax return if a deduction is being requested. Form 8283 is used to report information about non-cash charitable contributions and is required if a taxpayer’s deduction for all non-cash gifts exceeds $500. Individuals, partnerships, and corporations can all file Form 8283.