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I donated two Barcalounger leather swiveling, reclining TV…

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I donated two Barcalounger...

I donated two Barcalounger leather swiveling, reclining TV chairs to the Salvation Army. the cost to buy something similar, today would be about $3,100 for the two of them. The SA would not give a value estimate. How do I get a value estimate acceptable to the IRS

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I purchased the chairs many years ago. The original purchase price was about $2300.00. The chairs were in perfect condition or the SA would not have accepted them. I did take photos.

Submitted: 1 month ago.Category: Tax
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Answered in 1 minute by:
3/12/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,024
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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Bear with me a moment while I type up my response.

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Then if you have further questions we can go from there.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

Yes, the charity should not be giving estimations. That is a tax payer requirement.

...

For property worth more than $5,000 ($10,000 for stock in closely-held firms), you'll need to get a formal appraisal. Not only that, but you'll have to make sure the appraiser is a member of a recognized professional group or meets minimum education and experience guidelines. If you don't, the IRS can disallow your deduction.

...

But between 500 and $5,000 you'll simply complete form Form 8283 and attach it to your return. On this form you have to describe each item over $500 that you donated, identify the recipient, and provide information about the value of the item, including your cost or adjusted basis.

...

You'll not need to provide any documentation with the return, but for personal use property such as this, if you believe that the value has actually risen (not typical unless the items are collectibles such as jewelry of fine art) you'll need to show that items of the same condition actually have a fair market value higher than your coast.

...

Ebay and other online sales suction sites can be a good source of this information. Antique dealers as well.

...

Be prepared to get pushback (if you are audited) becasue IRS' typical assumption for used personal use property is that the fair market value would be less than what you paid.

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