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Donations under $5000 are to be valued by the contributor. Donations of $5000 and up require an independent appraisal. The organization receiving the material will acknowledge receipt if requested (some acknowledge anyway) but are not allowed to place a valuation on the donation.
jobi01 hit it on the head! My tax accountant confirmed the $5000 collection value as the demarcation for IRS. To claim a donation valuation above this level, the IRS requires the tax payer file an independent professional appraised valuation of the collection.
Posted 02/11/2016 4:38 pm
