$5000 and “Formal Appraisal” vs. “Qualified Appraisal”

$5000 and “Formal Appraisal” vs. “Qualified Appraisal”

(by Dave Maloney) This is Post 2 of 3. It, along with two additional posts, will address when qualified appraisals are required, when they must be attached to the taxpayer’s return, and related issues. See Post 1 of 3. See Post 3 of 3.

Question: “I would like to know when the IRS requires a formal appraisal for donated items. I have done several charitable donations and a donation that is more than $5000 need an appraisal. Is the cut off limit still $5000.00 or has it gone up or down?”

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