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Tax Accounting for Making a Significant Charitable Contribution
I have made a charitable contribution (in excess of $5,000) of Model A Ford parts and tools to the Model A Ford Museum. I imagine that I would have to submit a Form 8253 with my return. Because the number of pieces involved is no doubt in excess of several hundred, I have made up an Excel spreadsheet outlining the parts, their cost, current vendor selling prices, and their condition.
As I understand the procedure, the Museum will have to sign off on receiving the parts on the form. Another section of the form also asks for an appraisal. I know of no one in the industry that performs such services. There is a well-known technical writer for one of the nation's two Model A Ford magazines. He was involved in the transfer of the goods, and I could possibly ask him if he would be willing to give an overall assessment of the value (but not of each and every part). Would he provide a letter, or simply write in his summary assessment on the form? Since this is large tax return (well over 100 pages), can I still e-file the return? Would a separate letter/form be mailed to the IRS simultaneously?
Thanks for any thoughts!