Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Tax Experts My client wants to donate one of his rental

Customer Question
Tax ExpertsMy client wants to...
Tax ExpertsMy client wants to donate one of his rental houses to his church. Do we need appraisal? How do we claim donation on the tax return?
Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 13 minutes by:
12/12/2017
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,345
Experience: Taxes, Immigration, Labor Relations
Verified

Usually, you make a contribution at the time of its unconditional delivery.

You can deduct your contributions only in the year you actually make them or in a later carryover year, when the deduction limit is applied.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 2 months ago

If you claim a deduction of over $5,000 for a noncash charitable contribution of one item or a group of similar items, you must have the acknowledgment and the written records AND you must also obtain a qualified written appraisal of the donated property from a qualified appraiser.

Generally a licensed real estate appraiser will be considered as a "qualified appraiser" for that purpose.

Report your charitable contributions on lines 16 through 19 of Schedule A (Form 1040) and fill out Section B of Form 8283.

The organization that received the property must complete and sign Part IV of Section B.

Questions?

Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,345
31,345 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
How can I solicit tax deductible donations and sponsorships
Hello. How can I solicit tax deductible donations and sponsorships for my conference that is not a 501(c)(3)? Can I place the conference under an entity that has 501(c)(3) status? … read more
Lev
Lev
Tax Advisor
31,345 satisfied customers
I inherited personal property which i donated to charity.
i inherited personal property which i donated to charity. Can i claim on my tax return? … read more
Lev
Lev
Tax Advisor
31,345 satisfied customers
Can a deduction be taken as a donation if you donate a
Can a deduction be taken as a donation if you donate a handmade wooden library file cabinet to a historic Cemetery, i.e. Oakland & Fraternal Historic Cemetery, Little Rock, Arkansas … read more
Lev
Lev
Tax Advisor
31,345 satisfied customers
I forgot to include my schedule SE form 1040 when I efiled
I forgot to include my schedule SE form 1040 when I efiled my taxes. Do I need to file and amended return? … read more
abci168
abci168
Principal
27 satisfied customers
The address one uses on the first page of form 1040 is the
The address one uses on the first page of form 1040 is the mailing address or the address of residence?… read more
abci168
abci168
Principal
27 satisfied customers
In 2016 I had excess charitable contributions that I
In 2016 I had excess charitable contributions that I couldn't deduct on my 2016 taxes, so consequently they carried over to 2017 - 2021. I'm itemizing deductions on my 2017 tax return, but I DON'T wan… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Taxpayer amended 2015 tax return to report schedule C
Taxpayer amended 2015 tax return to report schedule C income. Note schedule C was never file on original return. Can taxpayer claim Sec 179 deduction on the amended return for 2015… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
If I donate a rental property to charity can I deducted the
If I donate a rental property to charity can I deducted the fair market value? If yes How old can my professional appraiser report be? … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,312 satisfied customers
For 2016 (Form 1040) I had a large Fed refund, and I didn't
Hello, For 2016 (Form 1040) I had a large Fed refund, and I didn't owe anything or have a CA state refund coming, so I didn't want to pay TurboTax to prepare/file my state return. I was going to file … read more
abci168
abci168
Principal
27 satisfied customers
If I donate my time share slot to a tax deductible
If I donate my time share slot to a tax deductible organization ( in this case a private school), can I deduct the week that it is otherwise worth? Also, if need to pay an exchange fee because they wa… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
742 satisfied customers
I want form 1040 along with schedule A for years 2016 and
I want form 1040 along with schedule A for years 2016 and 2017 - NOTB eFile, just the old fashion forms that I complete with a pen,p. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,122 satisfied customers
I know I can only deduct charitable contributions equal or
I know I can only deduct charitable contributions equal or less to 50% of my AGI. I also know that I can carry forward excess contributions. My question is, can I carry BACK excess contributions? I al… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is the deduction for medical expenses on Schedule A repealed
Is the deduction for medical expenses on Schedule A repealed under the new tax law & can health insurance premiums for a Schedule C proprietor still be deducted on page 1 of Form 1040?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
2015 form 1040 Sch C had a loss of $1300 which reduced the
2015 form 1040 Sch C had a loss of $1300 which reduced the AGI in 2015. 2015 losses created a NOL and elected to carry forward. 2016 form 1040 Sch C has a net profit of $3800. The question here - does… read more
Lev
Lev
Tax Advisor
31,345 satisfied customers
How to handle a deduction for a charitable contribution for
How to handle a deduction for a charitable contribution for art given by the artist or creator of that piece of artwork? This refers to the "materials only" or cost of materials only caveat to the ded… read more
Lev
Lev
Tax Advisor
31,345 satisfied customers
Small schedule c business donates fully depreciated
small schedule c business donates fully depreciated furniture to charity. They've been told that the FMV is $1,000. What is the deduction for contributed property? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A taxpayer, Form 1040 Schedule C, is on the cash basis. The
A taxpayer, Form 1040 Schedule C, is on the cash basis. The average revenue for the last 5 years is $5,100,000. There is no inventory. The NAICS is 423600Can he remain on the cash basis?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I claimed over 5000 dollars on line 17 form 1040 schedule
I claimed over 5000 dollars on line 17 form 1040 schedule a.all items are clothes household items used in good to very Google condition.i have all donee receipts and list with fav for all items donate… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x