- You'll need to use Form 8283 to claim a charitable deduction if your combined property donations to a qualified charity exceed $500 and you itemize deductions.
- Your deductions are based on the fair market value of the donated property, and it's your responsibility to determine a realistic amount.
- If your donation includes single items or groups of related items valued over $5,000, you'll need to document the value with a qualified appraisal conducted by an expert within 60 days prior to the donation.
- When preparing Form 8283, you'll have to provide details like the name and address of donation recipients, descriptions of the donated property, acquisition details, purchase price, and value at the time of donation.
Here's more info on Form 8283.
@Martythelab
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