In order to be able to deduct the donation of real estate, an appraisal may be required. Speak to your accountant for specifics, but often times a donor who claims a charitable deduction of $5,000 or more for a single item or for multiple similar items of personal or real property must obtain an appraisal from an independent party.
The appraisal will be based on the date the property is donated. Commonly, these types of appraisals require a retrospective value, which means the appraiser will provide a value based on a date in the past (contribution date). Pilgrim Colonial has experience with these types of appraisals and can satisfy requirements needed in this process. Order an appraisal for charitable donations today
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