05/11/2019 · Publication 561 is designed to help donors and appraisers determine: the value of property other than cash that is given to qualified organizations, and what kind of information you must have to support the charitable contribution deduction you claim on your return. 17/08/2006 · Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Usually it is not that simple. Using such formulas, etc., seldom results in an acceptable determination of FMV. There is no single formula that always applies when determining the value of property. Page 2 of 15 of Publication 561 13:14 - 17-APR-2007 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing. 03/11/2015 · IRS Publication 561 provides guidance for determining the fair value of charitable contributions for which a taxpayer may wish to deduct from their taxable income. In general, IRS fair market valuations are in line with standard accounting practices which require a valuation to be based on a selling price in the open market. The penalty is 20% of the underpayment of tax related to the overstatement if: The value or adjusted basis claimed on the return is 200% 150% for returns filed.

IRS Tax Map. Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser, and you must attach Section B of Form 8283 to your tax return.