When people donate to nonprofit organizations, they usually donate cash, but non-cash assets can be just as valuable and result in significant tax deductions. Proving the value of the property is the donor’s responsibility, and an appraiser will be needed for deductions of more than $5,000. When considering tax deductions, the recipient must be a tax-exempt charity. After completing these steps, donors should request written acknowledgement from the charity of the unconditionally donated property.
See Michael Silvio, Tax Implications of Donating Non-cash Assets, Private Wealth, June 24, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
