Hello...after filling out information for the $10K piano donation, it asked if I needed an appraisal. I said no. I just wanted to donate the piano. That is all. Just not sure how to file this...
Thank you in advance
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Before you file your return, here is what you need to know regarding the requirement of an appraisal:
Per the IRS Publication 561, for deductions of more than $5,000:
Generally, if the claimed deduction for an item of donated property is more than $5,000, you must:
You must receive the qualified appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property.
You should also keep the appraiser's report with your written records.
For what counts as qualified appraisal, see page 9 of the IRS Publication 561.
The most you can claim without an appraisal is $5000. To claim higher, you need a signed appraisal. You also need to print and fill out a copy of form 8283 with the details of the donation and get it signed by a financially responsible official of the charity and the appraiser. Then when you prepare your tax return, turbotax will prepare and electronic version of form 8283 to include with your return for e-filing, but you must mail the signed original 8283 and a copy of the appraisal to the IRS after you e-file your return.
Sorry.....$5000
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