Charitable Donation Appraisals
Charitable Donation Appraisals in Houston, Texas
Texans have big hearts, and they’re always ready to help their neighbors by donating to charity. However, before donating any items of significant value, make sure you maximize your tax write-off with a charitable donation appraisal from Prestige Estate Services.
What is a Charitable Donation Appraisal?
A charitable donation appraisal determines the true value of any type of items, such as jewelry, antiques, furniture, electronics, clothing, and more. With over 50 years of combined experience, our expert team can provide an accurate assessment of practically any physical object.
Why is an appraisal necessary? The IRS requires proof of value for any donated items worth more than $5,000. Additionally, the appraisal must meet all guidelines established by the Uniform Standards of Professional Appraisal Practices (USPAP).
Financial Benefits of a Charitable Donation Appraisal
Although it might seem easier to donate the items and skip the appraisal process entirely, it’s usually not recommended.
First, a professional appraisal helps you avoid any potential tax problems. If you claim items worth $5,000 or more, but don’t include an appraisal, the IRS might determine the donation is ineligible. You could even face financial penalties or other legal repercussions.
Fortunately, not only does a professional appraisal help ensure you remain compliant with federal law, but it can also help you save money. Determining the true value of your donation allows you to claim a higher deduction because you’re donating the item individually. Otherwise, you’ll need to donate the item as part of a mass liquidation, which often results in a lower estimated value.
Experience the Prestige Difference
We’re the number one choice for charitable donation appraisals throughout Houston, including West U, Eastwood, Hunters Creek Village, and more. Our expert team is ready to visit you in your home, office, or other location. Most appraisal reports are completed in less than two weeks.
Maximize your charitable tax deduction while avoiding any potential IRS penalties. Contact us today to learn more or schedule an appointment. We’re ready to help with all of your appraisal needs!
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