Appraisals and Taxation
To fulfill our mission, LaRC depends on the support and generosity of donors. Persons considering donating to LaRC should be aware that the IRS has substantiation requirements for deductions of charitable non-cash contributions. In general, potential donors planning to claim a deduction of more than $500 for all non-cash gifts made during the year will need to file an IRS Form 8283 with their annual income tax return.
If a potential donor plans to claim a deduction of more than $5,000 for an item or a group of similar items, then the donor will need to have the property appraised by a "qualified appraiser." Under IRS rules, Tulane, a Tulane employee, or anyone in a relationship with Tulane that might not be considered independent is not a qualified appraiser.
Since Tulane is not a qualified appraiser for tax purposes, we do not furnish qualified appraisals. The donor is responsible for obtaining a qualified appraisal.
The appraisal must be made no earlier than 60 days before the date of gift and not later than the income tax filing due date (including extensions).
LaRC recommends that a prospective donor discuss gift or charitable deductions with a tax advisor.
IRS publications and forms are available at http://www.irs.gov/. The relevant forms for LaRC donations are:
- Charitable Contributions (IRS Pub.526)
- Determining the Value of Donated Property (IRS Pub. 561)
- Noncash Charitable Contributions (Form 8283)
- Instructions for Form 8283
Thank you for your support.