Donors may be entitled to take an income tax deduction by claiming their gift as a charitable donation. It is our understanding that to claim a deduction for a gift valued in excess of $500, a donor must file an IRS Form 8283 (http://www.irs.gov/pub/irs-pdf/f8283.pdf).
In addition, the Form 8283 dictates the time frame within which a formal appraisal must be performed, among other requirements (see instructions to Form 8283, http://www.irs.gov/pub/irs-pdf/i8283.pdf).
Any gift valued over $5,000 requires a formal appraisal, performed no more than sixty days before the date of the gift.
Last updated: March 1, 2013