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Www Irs Gov 1040x Form

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Www Irs Gov 1040x Form

Www irs gov 1040x form Publication 561 - Main Contents Table of Contents What Is Fair Market Value (FMV)?Factors. Www irs gov 1040x form Stock. Www irs gov 1040x form Options. Www irs gov 1040x form Determining Fair Market Value Problems in Determining Fair Market Value Valuation of Various Kinds of PropertyHousehold Goods Used Clothing Jewelry and Gems Paintings, Antiques, and Other Objects of Art Collections Cars, Boats, and Aircraft Inventory Patents Stocks and Bonds Real Estate Interest in a Business Annuities, Interests for Life or Terms of Years, Remainders, and Reversions Certain Life Insurance and Annuity Contracts Partial Interest in Property Not in Trust AppraisalsDeductions of More Than $5,000 Deductions of More Than $500,000 Qualified Appraisal Form 8283 Internal Revenue Service Review of Appraisals Penalty How To Get Tax HelpLow income tax clinics (LITCs). Www irs gov 1040x form What Is Fair Market Value (FMV)? To figure how much you may deduct for property that you contribute, you must first determine its fair market value on the date of the contribution. Www irs gov 1040x form Fair market value. Www irs gov 1040x form   Fair market value (FMV) is the price that property would sell for on the open market. Www irs gov 1040x form It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. Www irs gov 1040x form If you put a restriction on the use of property you donate, the FMV must reflect that restriction. Www irs gov 1040x form Example 1. Www irs gov 1040x form If you give used clothing to the Salvation Army, the FMV would be the price that typical buyers actually pay for clothing of this age, condition, style, and use. Www irs gov 1040x form Usually, such items are worth far less than what you paid for them. Www irs gov 1040x form Example 2. Www irs gov 1040x form If you donate land and restrict its use to agricultural purposes, you must value the land at its value for agricultural purposes, even though it would have a higher FMV if it were not restricted. Www irs gov 1040x form Factors. Www irs gov 1040x form   In making and supporting the valuation of property, all factors affecting value are relevant and must be considered. Www irs gov 1040x form These include: The cost or selling price of the item, Sales of comparable properties, Replacement cost, and Opinions of experts. Www irs gov 1040x form   These factors are discussed later. Www irs gov 1040x form Also, see Table 1 for a summary of questions to ask as you consider each factor. Www irs gov 1040x form Date of contribution. Www irs gov 1040x form   Ordinarily, the date of a contribution is the date that the transfer of the property takes place. Www irs gov 1040x form Stock. Www irs gov 1040x form   If you deliver, without any conditions, a properly endorsed stock certificate to a qualified organization or to an agent of the organization, the date of the contribution is the date of delivery. Www irs gov 1040x form If the certificate is mailed and received through the regular mail, it is the date of mailing. Www irs gov 1040x form If you deliver the certificate to a bank or broker acting as your agent or to the issuing corporation or its agent, for transfer into the name of the organization, the date of the contribution is the date the stock is transferred on the books of the corporation. Www irs gov 1040x form Options. Www irs gov 1040x form   If you grant an option to a qualified organization to buy real property, you have not made a charitable contribution until the organization exercises the option. Www irs gov 1040x form The amount of the contribution is the FMV of the property on the date the option is exercised minus the exercise price. Www irs gov 1040x form Example. Www irs gov 1040x form You grant an option to a local university, which is a qualified organization, to buy real property. Www irs gov 1040x form Under the option, the university could buy the property at any time during a 2-year period for $40,000. Www irs gov 1040x form The FMV of the property on the date the option is granted is $50,000. Www irs gov 1040x form In the following tax year, the university exercises the option. Www irs gov 1040x form The FMV of the property on the date the option is exercised is $55,000. Www irs gov 1040x form Therefore, you have made a charitable contribution of $15,000 ($55,000, the FMV, minus $40,000, the exercise price) in the tax year the option is exercised. Www irs gov 1040x form Determining Fair Market Value Determining the value of donated property would be a simple matter if you could rely only on fixed formulas, rules, or methods. Www irs gov 1040x form Usually it is not that simple. Www irs gov 1040x form Using such formulas, etc. Www irs gov 1040x form , seldom results in an acceptable determination of FMV. Www irs gov 1040x form There is no single formula that always applies when determining the value of property. Www irs gov 1040x form This is not to say that a valuation is only guesswork. Www irs gov 1040x form You must consider all the facts and circumstances connected with the property, such as its desirability, use, and scarcity. Www irs gov 1040x form For example, donated furniture should not be evaluated at some fixed rate such as 15% of the cost of new replacement furniture. Www irs gov 1040x form When the furniture is contributed, it may be out of style or in poor condition, therefore having little or no market value. Www irs gov 1040x form On the other hand, it may be an antique, the value of which could not be determined by using any formula. Www irs gov 1040x form Cost or Selling Price of the Donated Property The cost of the property to you or the actual selling price received by the qualified organization may be the best indication of its FMV. Www irs gov 1040x form However, because conditions in the market change, the cost or selling price of property may have less weight if the property was not bought or sold reasonably close to the date of contribution. Www irs gov 1040x form The cost or selling price is a good indication of the property's value if: The purchase or sale took place close to the valuation date in an open market, The purchase or sale was at “arm's-length,” The buyer and seller knew all relevant facts, The buyer and seller did not have to act, and The market did not change between the date of purchase or sale and the valuation date. Www irs gov 1040x form Example. Www irs gov 1040x form Tom Morgan, who is not a dealer in gems, bought an assortment of gems for $5,000 from a promoter. Www irs gov 1040x form The promoter claimed that the price was “wholesale” even though he and other dealers made similar sales at similar prices to other persons who were not dealers. Www irs gov 1040x form The promoter said that if Tom kept the gems for more than 1 year and then gave them to charity, Tom could claim a charitable deduction of $15,000, which, according to the promoter, would be the value of the gems at the time of contribution. Www irs gov 1040x form Tom gave the gems to a qualified charity 13 months after buying them. Www irs gov 1040x form The selling price for these gems had not changed from the date of purchase to the date he donated them to charity. Www irs gov 1040x form The best evidence of FMV depends on actual transactions and not on some artificial estimate. Www irs gov 1040x form The $5,000 charged Tom and others is, therefore, the best evidence of the maximum FMV of the gems. Www irs gov 1040x form Terms of the purchase or sale. Www irs gov 1040x form   The terms of the purchase or sale should be considered in determining FMV if they influenced the price. Www irs gov 1040x form These terms include any restrictions, understandings, or covenants limiting the use or disposition of the property. Www irs gov 1040x form Rate of increase or decrease in value. Www irs gov 1040x form   Unless you can show that there were unusual circumstances, it is assumed that the increase or decrease in the value of your donated property from your cost has been at a reasonable rate. Www irs gov 1040x form For time adjustments, an appraiser may consider published price indexes for information on general price trends, building costs, commodity costs, securities, and works of art sold at auction in arm's-length sales. Www irs gov 1040x form Example. Www irs gov 1040x form Bill Brown bought a painting for $10,000. Www irs gov 1040x form Thirteen months later he gave it to an art museum, claiming a charitable deduction of $15,000 on his tax return. Www irs gov 1040x form The appraisal of the painting should include information showing that there were unusual circumstances that justify a 50% increase in value for the 13 months Bill held the property. Www irs gov 1040x form Arm's-length offer. Www irs gov 1040x form   An arm's-length offer to buy the property close to the valuation date may help to prove its value if the person making the offer was willing and able to complete the transaction. Www irs gov 1040x form To rely on an offer, you should be able to show proof of the offer and the specific amount to be paid. Www irs gov 1040x form Offers to buy property other than the donated item will help to determine value if the other property is reasonably similar to the donated property. Www irs gov 1040x form Sales of Comparable Properties The sales prices of properties similar to the donated property are often important in determining the FMV. Www irs gov 1040x form The weight to be given to each sale depends on the following. Www irs gov 1040x form The degree of similarity between the property sold and the donated property. Www irs gov 1040x form The time of the sale—whether it was close to the valuation date. Www irs gov 1040x form The circumstances of the sale—whether it was at arm's-length with a knowledgeable buyer and seller, with neither having to act. Www irs gov 1040x form The conditions of the market in which the sale was made—whether unusually inflated or deflated. Www irs gov 1040x form The comparable sales method of valuing real estate is explained later under Valuation of Various Kinds of Property. Www irs gov 1040x form Example 1. Www irs gov 1040x form Mary Black, who is not a book dealer, paid a promoter $10,000 for 500 copies of a single edition of a modern translation of the Bible. Www irs gov 1040x form The promoter had claimed that the price was considerably less than the “retail” price, and gave her a statement that the books had a total retail value of $30,000. Www irs gov 1040x form The promoter advised her that if she kept the Bibles for more than 1 year and then gave them to a qualified organization, she could claim a charitable deduction for the “retail” price of $30,000. Www irs gov 1040x form Thirteen months later she gave all the Bibles to a church that she selected from a list provided by the promoter. Www irs gov 1040x form At the time of her donation, wholesale dealers were selling similar quantities of Bibles to the general public for $10,000. Www irs gov 1040x form The FMV of the Bibles is $10,000, the price at which similar quantities of Bibles were being sold to others at the time of the contribution. Www irs gov 1040x form Example 2. Www irs gov 1040x form The facts are the same as in Example 1, except that the promoter gave Mary Black a second option. Www irs gov 1040x form The promoter said that if Mary wanted a charitable deduction within 1 year of the purchase, she could buy the 500 Bibles at the “retail” price of $30,000, paying only $10,000 in cash and giving a promissory note for the remaining $20,000. Www irs gov 1040x form The principal and interest on the note would not be due for 12 years. Www irs gov 1040x form According to the promoter, Mary could then, within 1 year of the purchase, give the Bibles to a qualified organization and claim the full $30,000 retail price as a charitable contribution. Www irs gov 1040x form She purchased the Bibles under the second option and, 3 months later, gave them to a church, which will use the books for church purposes. Www irs gov 1040x form At the time of the gift, the promoter was selling similar lots of Bibles for either $10,000 or $30,000. Www irs gov 1040x form The difference between the two prices was solely at the discretion of the buyer. Www irs gov 1040x form The promoter was a willing seller for $10,000. Www irs gov 1040x form Therefore, the value of Mary's contribution of the Bibles is $10,000, the amount at which similar lots of Bibles could be purchased from the promoter by members of the general public. Www irs gov 1040x form Replacement Cost The cost of buying, building, or manufacturing property similar to the donated item should be considered in determining FMV. Www irs gov 1040x form However, there must be a reasonable relationship between the replacement cost and the FMV. Www irs gov 1040x form The replacement cost is the amount it would cost to replace the donated item on the valuation date. Www irs gov 1040x form Often there is no relationship between the replacement cost and the FMV. Www irs gov 1040x form If the supply of the donated property is more or less than the demand for it, the replacement cost becomes less important. Www irs gov 1040x form To determine the replacement cost of the donated property, find the “estimated replacement cost new. Www irs gov 1040x form ” Then subtract from this figure an amount for depreciation due to the physical condition and obsolescence of the donated property. Www irs gov 1040x form You should be able to show the relationship between the depreciated replacement cost and the FMV, as well as how you arrived at the “estimated replacement cost new. Www irs gov 1040x form ” Opinions of Experts Generally, the weight given to an expert's opinion on matters such as the authenticity of a coin or a work of art, or the most profitable and best use of a piece of real estate, depends on the knowledge and competence of the expert and the thoroughness with which the opinion is supported by experience and facts. Www irs gov 1040x form For an expert's opinion to deserve much weight, the facts must support the opinion. Www irs gov 1040x form For additional information, see Appraisals, later. Www irs gov 1040x form Table 1. Www irs gov 1040x form Factors That Affect FMV IF the factor you are considering is. Www irs gov 1040x form . Www irs gov 1040x form . Www irs gov 1040x form THEN you should ask these questions. Www irs gov 1040x form . Www irs gov 1040x form . Www irs gov 1040x form     cost or selling price Was the purchase or sale of the property reasonably close to the date of contribution? Was any increase or decrease in value, as compared to your cost, at a reasonable rate? Do the terms of purchase or sale limit what can be done with the property? Was there an arm's-length offer to buy the property close to the valuation date?     sales of comparable properties How similar is the property sold to the property donated? How close is the date of sale to the valuation date? Was the sale at arm's-length? What was the condition of the market at the time of sale?     replacement cost What would it cost to replace the donated property? Is there a reasonable relationship between replacement cost and FMV? Is the supply of the donated property more or less than the demand for it?     opinions of experts Is the expert knowledgeable and competent? Is the opinion thorough and supported by facts and experience? Problems in Determining Fair Market Value There are a number of problems in determining the FMV of donated property. Www irs gov 1040x form Unusual Market Conditions The sale price of the property itself in an arm's-length transaction in an open market is often the best evidence of its value. Www irs gov 1040x form When you rely on sales of comparable property, the sales must have been made in an open market. Www irs gov 1040x form If those sales were made in a market that was artificially supported or stimulated so as not to be truly representative, the prices at which the sales were made will not indicate the FMV. Www irs gov 1040x form For example, liquidation sale prices usually do not indicate the FMV. Www irs gov 1040x form Also, sales of stock under unusual circumstances, such as sales of small lots, forced sales, and sales in a restricted market, may not represent the FMV. Www irs gov 1040x form Selection of Comparable Sales Using sales of comparable property is an important method for determining the FMV of donated property. Www irs gov 1040x form However, the amount of weight given to a sale depends on the degree of similarity between the comparable and the donated properties. Www irs gov 1040x form The degree of similarity must be close enough so that this selling price would have been given consideration by reasonably well-informed buyers or sellers of the property. Www irs gov 1040x form Example. Www irs gov 1040x form You give a rare, old book to your former college. Www irs gov 1040x form The book is a third edition and is in poor condition because of a missing back cover. Www irs gov 1040x form You discover that there was a sale for $300, near the valuation date, of a first edition of the book that was in good condition. Www irs gov 1040x form Although the contents are the same, the books are not at all similar because of the different editions and their physical condition. Www irs gov 1040x form Little consideration would be given to the selling price of the $300 property by knowledgeable buyers or sellers. Www irs gov 1040x form Future Events You may not consider unexpected events happening after your donation of property in making the valuation. Www irs gov 1040x form You may consider only the facts known at the time of the gift, and those that could be reasonably expected at the time of the gift. Www irs gov 1040x form Example. Www irs gov 1040x form You give farmland to a qualified charity. Www irs gov 1040x form The transfer provides that your mother will have the right to all income and full use of the property for her life. Www irs gov 1040x form Even though your mother dies 1 week after the transfer, the value of the property on the date it is given is its present value, subject to the life interest as estimated from actuarial tables. Www irs gov 1040x form You may not take a higher deduction because the charity received full use and possession of the land only 1 week after the transfer. Www irs gov 1040x form Using Past Events to Predict the Future A common error is to rely too much on past events that do not fairly reflect the probable future earnings and FMV. Www irs gov 1040x form Example. Www irs gov 1040x form You give all your rights in a successful patent to your favorite charity. Www irs gov 1040x form Your records show that before the valuation date there were three stages in the patent's history of earnings. Www irs gov 1040x form First, there was rapid growth in earnings when the invention was introduced. Www irs gov 1040x form Then, there was a period of high earnings when the invention was being exploited. Www irs gov 1040x form Finally, there was a decline in earnings when competing inventions were introduced. Www irs gov 1040x form The entire history of earnings may be relevant in estimating the future earnings. Www irs gov 1040x form However, the appraiser must not rely too much on the stage of rapid growth in earnings, or of high earnings. Www irs gov 1040x form The market conditions at those times do not represent the condition of the market at the valuation date. Www irs gov 1040x form What is most significant is the trend of decline in earnings up to the valuation date. Www irs gov 1040x form For more information about donations of patents, see Patents, later. Www irs gov 1040x form Valuation of Various Kinds of Property This section contains information on determining the FMV of ordinary kinds of donated property. Www irs gov 1040x form For information on appraisals, see Appraisals, later. Www irs gov 1040x form Household Goods The FMV of used household goods, such as furniture, appliances, and linens, is usually much lower than the price paid when new. Www irs gov 1040x form Such used property may have little or no market value because of its worn condition. Www irs gov 1040x form It may be out of style or no longer useful. Www irs gov 1040x form You cannot take a deduction for household goods donated after August 17, 2006, unless they are in good used condition or better. Www irs gov 1040x form A household good that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. Www irs gov 1040x form See Deduction over $500 for certain clothing or household items, later. Www irs gov 1040x form If the property is valuable because it is old or unique, see the discussion under Paintings, Antiques, and Other Objects of Art. Www irs gov 1040x form Used Clothing Used clothing and other personal items are usually worth far less than the price you paid for them. Www irs gov 1040x form Valuation of items of clothing does not lend itself to fixed formulas or methods. Www irs gov 1040x form The price that buyers of used items actually pay in used clothing stores, such as consignment or thrift shops, is an indication of the value. Www irs gov 1040x form You cannot take a deduction for clothing donated after August 17, 2006, unless it is in good used condition or better. Www irs gov 1040x form An item of clothing that is not in good used condition or better for which you take a deduction of more than $500 requires a qualified appraisal. Www irs gov 1040x form See Deduction over $500 for certain clothing or household items, later. Www irs gov 1040x form For valuable furs or very expensive gowns, a Form 8283 may have to be sent with your tax return. Www irs gov 1040x form Jewelry and Gems Jewelry and gems are of such a specialized nature that it is almost always necessary to get an appraisal by a specialized jewelry appraiser. Www irs gov 1040x form The appraisal should describe, among other things, the style of the jewelry, the cut and setting of the gem, and whether it is now in fashion. Www irs gov 1040x form If not in fashion, the possibility of having the property redesigned, recut, or reset should be reported in the appraisal. Www irs gov 1040x form The stone's coloring, weight, cut, brilliance, and flaws should be reported and analyzed. Www irs gov 1040x form Sentimental personal value has no effect on FMV. Www irs gov 1040x form But if the jewelry was owned by a famous person, its value might increase. Www irs gov 1040x form Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Www irs gov 1040x form Examples of information that should be included in appraisals of art objects—paintings in particular—are found later under Qualified Appraisal. Www irs gov 1040x form Art valued at $20,000 or more. Www irs gov 1040x form   If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. Www irs gov 1040x form For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. Www irs gov 1040x form Art valued at $50,000 or more. Www irs gov 1040x form   If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. Www irs gov 1040x form You must request the statement before filing the tax return that reports the donation. Www irs gov 1040x form Your request must include the following. Www irs gov 1040x form A copy of a qualified appraisal of the item. Www irs gov 1040x form See Qualified Appraisal, later. Www irs gov 1040x form A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Www irs gov 1040x form Add $250 for each item in excess of three. Www irs gov 1040x form A completed Form 8283, Section B. Www irs gov 1040x form The location of the IRS territory that has examination responsibility for your return. Www irs gov 1040x form If your request lacks essential information, you will be notified and given 30 days to provide the missing information. Www irs gov 1040x form   Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P. Www irs gov 1040x form O. Www irs gov 1040x form Box 27720 McPherson Station Washington, DC 20038 Refunds. Www irs gov 1040x form   You can withdraw your request for a Statement of Value at any time before it is issued. Www irs gov 1040x form However, the IRS will not refund the user fee if you do. Www irs gov 1040x form   If the IRS declines to issue a Statement of Value in the interest of efficient tax administration, the IRS will refund the user fee. Www irs gov 1040x form Authenticity. Www irs gov 1040x form   The authenticity of the donated art must be determined by the appraiser. Www irs gov 1040x form Physical condition. Www irs gov 1040x form   Important items in the valuation of antiques and art are physical condition and extent of restoration. Www irs gov 1040x form These have a significant effect on the value and must be fully reported in an appraisal. Www irs gov 1040x form An antique in damaged condition, or lacking the “original brasses,” may be worth much less than a similar piece in excellent condition. Www irs gov 1040x form Art appraisers. Www irs gov 1040x form   More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. Www irs gov 1040x form Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Www irs gov 1040x form Their opinions on the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. Www irs gov 1040x form They can report more recent comparable sales to support their opinion. Www irs gov 1040x form   To identify and locate experts on unique, specialized items or collections, you may wish to use the current Official Museum Directory of the American Association of Museums. Www irs gov 1040x form It lists museums both by state and by category. Www irs gov 1040x form   To help you locate a qualified appraiser for your donation, you may wish to ask an art historian at a nearby college or the director or curator of a local museum. Www irs gov 1040x form The Yellow Pages often list specialized art and antique dealers, auctioneers, and art appraisers. Www irs gov 1040x form You may be able to find a qualified appraiser on the Internet. Www irs gov 1040x form You may also contact associations of dealers for guidance. Www irs gov 1040x form Collections Since many kinds of hobby collections may be the subject of a charitable donation, it is not possible to discuss all of the possible collectibles in this publication. Www irs gov 1040x form Most common are rare books, autographs, sports memorabilia, dolls, manuscripts, stamps, coins, guns, phonograph records, and natural history items. Www irs gov 1040x form Many of the elements of valuation that apply to paintings and other objects of art, discussed earlier, also apply to miscellaneous collections. Www irs gov 1040x form Reference material. Www irs gov 1040x form   Publications available to help you determine the value of many kinds of collections include catalogs, dealers' price lists, and specialized hobby periodicals. Www irs gov 1040x form When using one of these price guides, you must use the current edition at the date of contribution. Www irs gov 1040x form However, these sources are not always reliable indicators of FMV and should be supported by other evidence. Www irs gov 1040x form   For example, a dealer may sell an item for much less than is shown on a price list, particularly after the item has remained unsold for a long time. Www irs gov 1040x form The price an item sold for in an auction may have been the result of a rigged sale or a mere bidding duel. Www irs gov 1040x form The appraiser must analyze the reference material, and recognize and make adjustments for misleading entries. Www irs gov 1040x form If you are donating a valuable collection, you should get an appraisal. Www irs gov 1040x form If your donation appears to be of little value, you may be able to make a satisfactory valuation using reference materials available at a state, city, college, or museum library. Www irs gov 1040x form Stamp collections. Www irs gov 1040x form   Most libraries have catalogs or other books that report the publisher's estimate of values. Www irs gov 1040x form Generally, two price levels are shown for each stamp: the price postmarked and the price not postmarked. Www irs gov 1040x form Stamp dealers generally know the value of their merchandise and are able to prepare satisfactory appraisals of valuable collections. Www irs gov 1040x form Coin collections. Www irs gov 1040x form   Many catalogs and other reference materials show the writer's or publisher's opinion of the value of coins on or near the date of the publication. Www irs gov 1040x form Like many other collectors' items, the value of a coin depends on the demand for it, its age, and its rarity. Www irs gov 1040x form Another important factor is the coin's condition. Www irs gov 1040x form For example, there is a great difference in the value of a coin that is in mint condition and a similar coin that is only in good condition. Www irs gov 1040x form   Catalogs usually establish a category for coins, based on their physical condition—mint or uncirculated, extremely fine, very fine, fine, very good, good, fair, or poor—with a different valuation for each category. Www irs gov 1040x form Books. Www irs gov 1040x form   The value of books is usually determined by selecting comparable sales and adjusting the prices according to the differences between the comparable sales and the item being evaluated. Www irs gov 1040x form This is difficult to do and, except for a collection of little value, should be done by a specialized appraiser. Www irs gov 1040x form Within the general category of literary property, there are dealers who specialize in certain areas, such as Americana, foreign imports, Bibles, and scientific books. Www irs gov 1040x form Modest value of collection. Www irs gov 1040x form   If the collection you are donating is of modest value, not requiring a written appraisal, the following information may help you in determining the FMV. Www irs gov 1040x form   A book that is very old, or very rare, is not necessarily valuable. Www irs gov 1040x form There are many books that are very old or rare, but that have little or no market value. Www irs gov 1040x form Condition of book. Www irs gov 1040x form   The condition of a book may have a great influence on its value. Www irs gov 1040x form Collectors are interested in items that are in fine, or at least good, condition. Www irs gov 1040x form When a book has a missing page, a loose binding, tears, stains, or is otherwise in poor condition, its value is greatly lowered. Www irs gov 1040x form Other factors. Www irs gov 1040x form   Some other factors in the valuation of a book are the kind of binding (leather, cloth, paper), page edges, and illustrations (drawings and photographs). Www irs gov 1040x form Collectors usually want first editions of books. Www irs gov 1040x form However, because of changes or additions, other editions are sometimes worth as much as, or more than, the first edition. Www irs gov 1040x form Manuscripts, autographs, diaries, and similar items. Www irs gov 1040x form   When these items are handwritten, or at least signed by famous people, they are often in demand and are valuable. Www irs gov 1040x form The writings of unknowns also may be of value if they are of unusual historical or literary importance. Www irs gov 1040x form Determining the value of such material is difficult. Www irs gov 1040x form For example, there may be a great difference in value between two diaries that were kept by a famous person—one kept during childhood and the other during a later period in his or her life. Www irs gov 1040x form The appraiser determines a value in these cases by applying knowledge and judgment to such factors as comparable sales and conditions. Www irs gov 1040x form Signatures. Www irs gov 1040x form   Signatures, or sets of signatures, that were cut from letters or other papers usually have little or no value. Www irs gov 1040x form But complete sets of the signatures of U. Www irs gov 1040x form S. Www irs gov 1040x form presidents are in demand. Www irs gov 1040x form Cars, Boats, and Aircraft If you donate a car, a boat, or an aircraft to a charitable organization, its FMV must be determined. Www irs gov 1040x form Certain commercial firms and trade organizations publish monthly or seasonal guides for different regions of the country, containing complete dealer sale prices or dealer average prices for recent model years. Www irs gov 1040x form Prices are reported for each make, model, and year. Www irs gov 1040x form These guides also provide estimates for adjusting for unusual equipment, unusual mileage, and physical condition. Www irs gov 1040x form The prices are not “official,” and these publications are not considered an appraisal of any specific donated property. Www irs gov 1040x form But they do provide clues for making an appraisal and suggest relative prices for comparison with current sales and offerings in your area. Www irs gov 1040x form These publications are sometimes available from public libraries or at a bank, credit union, or finance company. Www irs gov 1040x form You can also find pricing information about used cars on the Internet. Www irs gov 1040x form An acceptable measure of the FMV of a donated car, boat, or airplane is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale, not the dealer retail value, of a similar vehicle. Www irs gov 1040x form However, the FMV may be less than that amount if the vehicle has engine trouble, body damage, high mileage, or any type of excessive wear. Www irs gov 1040x form The FMV of a donated vehicle is the same as the price listed in a used vehicle pricing guide for a private party sale only if the guide lists a sales price for a vehicle that is the same make, model, and year, sold in the same area, in the same condition, with the same or similar options or accessories, and with the same or similar warranties as the donated vehicle. Www irs gov 1040x form Example. Www irs gov 1040x form You donate a used car in poor condition to a local high school for use by students studying car repair. Www irs gov 1040x form A used car guide shows the dealer retail value for this type of car in poor condition is $1,600. Www irs gov 1040x form However, the guide shows the price for a private party sale of the car is only $750. Www irs gov 1040x form The FMV of the car is considered to be no more than $750. Www irs gov 1040x form Boats. Www irs gov 1040x form   Except for inexpensive small boats, the valuation of boats should be based on an appraisal by a marine surveyor because the physical condition is so critical to the value. Www irs gov 1040x form More information. Www irs gov 1040x form   Your deduction for a donated car, boat, or airplane generally is limited to the gross proceeds from its sale by the qualified organization. Www irs gov 1040x form This rule applies if the claimed value of the donated vehicle is more than $500. Www irs gov 1040x form In certain cases, you can deduct the vehicle's FMV. Www irs gov 1040x form For details, see Publication 526. Www irs gov 1040x form Inventory If you donate any inventory item to a charitable organization, the amount of your deductible contribution generally is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. Www irs gov 1040x form For more information, see Publication 526. Www irs gov 1040x form Patents To determine the FMV of a patent, you must take into account, among other factors: Whether the patented technology has been made obsolete by other technology; Any restrictions on the donee's use of, or ability to transfer, the patented technology; and The length of time remaining before the patent expires. Www irs gov 1040x form However, your deduction for a donation of a patent or other intellectual property is its FMV, minus any gain you would have realized if you had sold the property at its FMV on the date of the gift. Www irs gov 1040x form Generally, this means your deduction is the lesser of the property's FMV or its basis. Www irs gov 1040x form For details, see Publication 526. Www irs gov 1040x form Stocks and Bonds The value of stocks and bonds is the FMV of a share or bond on the valuation date. Www irs gov 1040x form See Date of contribution, earlier, under What Is Fair Market Value (FMV). Www irs gov 1040x form Selling prices on valuation date. Www irs gov 1040x form   If there is an active market for the contributed stocks or bonds on a stock exchange, in an over-the-counter market, or elsewhere, the FMV of each share or bond is the average price between the highest and lowest quoted selling prices on the valuation date. Www irs gov 1040x form For example, if the highest selling price for a share was $11, and the lowest $9, the average price is $10. Www irs gov 1040x form You get the average price by adding $11 and $9 and dividing the sum by 2. Www irs gov 1040x form No sales on valuation date. Www irs gov 1040x form   If there were no sales on the valuation date, but there were sales within a reasonable period before and after the valuation date, you determine FMV by taking the average price between the highest and lowest sales prices on the nearest date before and on the nearest date after the valuation date. Www irs gov 1040x form Then you weight these averages in inverse order by the respective number of trading days between the selling dates and the valuation date. Www irs gov 1040x form Example. Www irs gov 1040x form   On the day you gave stock to a qualified organization, there were no sales of the stock. Www irs gov 1040x form Sales of the stock nearest the valuation date took place two trading days before the valuation date at an average selling price of $10 and three trading days after the valuation date at an average selling price of $15. Www irs gov 1040x form The FMV on the valuation date was $12, figured as follows: [(3 x $10) + (2 x $15)] ÷ 5 = $12 Listings on more than one stock exchange. Www irs gov 1040x form   Stocks or bonds listed on more than one stock exchange are valued based on the prices of the exchange on which they are principally dealt. Www irs gov 1040x form This applies if these prices are published in a generally available listing or publication of general circulation. Www irs gov 1040x form If this is not applicable, and the stocks or bonds are reported on a composite listing of combined exchanges in a publication of general circulation, use the composite list. Www irs gov 1040x form See also Unavailable prices or closely held corporation, later. Www irs gov 1040x form Bid and asked prices on valuation date. Www irs gov 1040x form   If there were no sales within a reasonable period before and after the valuation date, the FMV is the average price between the bona fide bid and asked prices on the valuation date. Www irs gov 1040x form Example. Www irs gov 1040x form Although there were no sales of Blue Corporation stock on the valuation date, bona fide bid and asked prices were available on that date of $14 and $16, respectively. Www irs gov 1040x form The FMV is $15, the average price between the bid and asked prices. Www irs gov 1040x form No prices on valuation date. Www irs gov 1040x form   If there were no prices available on the valuation date, you determine FMV by taking the average prices between the bona fide bid and asked prices on the closest trading date before and after the valuation date. Www irs gov 1040x form Both dates must be within a reasonable period. Www irs gov 1040x form Then you weight these averages in inverse order by the respective number of trading days between the bid and asked dates and the valuation date. Www irs gov 1040x form Example. Www irs gov 1040x form On the day you gave stock to a qualified organization, no prices were available. Www irs gov 1040x form Bona fide bid and asked prices 3 days before the valuation date were $10 and 2 days after the valuation date were $15. Www irs gov 1040x form The FMV on the valuation date is $13, figured as follows: [(2 x $10) + (3 x $15)] ÷ 5 = $13 Prices only before or after valuation date, but not both. Www irs gov 1040x form   If no selling prices or bona fide bid and asked prices are available on a date within a reasonable period before the valuation date, but are available on a date within a reasonable period after the valuation date, or vice versa, then the average price between the highest and lowest of such available prices may be treated as the value. Www irs gov 1040x form Large blocks of stock. Www irs gov 1040x form   When a large block of stock is put on the market, it may lower the selling price of the stock if the supply is greater than the demand. Www irs gov 1040x form On the other hand, market forces may exist that will afford higher prices for large blocks of stock. Www irs gov 1040x form Because of the many factors to be considered, determining the value of large blocks of stock usually requires the help of experts specializing in underwriting large quantities of securities, or in trading in the securities of the industry of which the particular company is a part. Www irs gov 1040x form Unavailable prices or closely held corporation. Www irs gov 1040x form   If selling prices or bid and asked prices are not available, or if securities of a closely held corporation are involved, determine the FMV by considering the following factors. Www irs gov 1040x form For bonds, the soundness of the security, the interest yield, the date of maturity, and other relevant factors. Www irs gov 1040x form For shares of stock, the company's net worth, prospective earning power and dividend-paying capacity, and other relevant factors. Www irs gov 1040x form Other factors. Www irs gov 1040x form   Other relevant factors include: The nature and history of the business, especially its recent history, The goodwill of the business, The economic outlook in the particular industry, The company's position in the industry, its competitors, and its management, and The value of securities of corporations engaged in the same or similar business. Www irs gov 1040x form For preferred stock, the most important factors are its yield, dividend coverage, and protection of its liquidation preference. Www irs gov 1040x form   You should keep complete financial and other information on which the valuation is based. Www irs gov 1040x form This includes copies of reports of examinations of the company made by accountants, engineers, or any technical experts on or close to the valuation date. Www irs gov 1040x form Restricted securities. Www irs gov 1040x form   Some classes of stock cannot be traded publicly because of restrictions imposed by the Securities and Exchange Commission, or by the corporate charter or a trust agreement. Www irs gov 1040x form These restricted securities usually trade at a discount in relation to freely traded securities. Www irs gov 1040x form   To arrive at the FMV of restricted securities, factors that you must consider include the resale provisions found in the restriction agreements, the relative negotiating strengths of the buyer and seller, and the market experience of freely traded securities of the same class as the restricted securities. Www irs gov 1040x form Real Estate Because each piece of real estate is unique and its valuation is complicated, a detailed appraisal by a professional appraiser is necessary. Www irs gov 1040x form The appraiser must be thoroughly trained in the application of appraisal principles and theory. Www irs gov 1040x form In some instances the opinions of equally qualified appraisers may carry unequal weight, such as when one appraiser has a better knowledge of local conditions. Www irs gov 1040x form The appraisal report must contain a complete description of the property, such as street address, legal description, and lot and block number, as well as physical features, condition, and dimensions. Www irs gov 1040x form The use to which the property is put, zoning and permitted uses, and its potential use for other higher and better uses are also relevant. Www irs gov 1040x form In general, there are three main approaches to the valuation of real estate. Www irs gov 1040x form An appraisal may require the combined use of two or three methods rather than one method only. Www irs gov 1040x form 1. Www irs gov 1040x form Comparable Sales The comparable sales method compares the donated property with several similar properties that have been sold. Www irs gov 1040x form The selling prices, after adjustments for differences in date of sale, size, condition, and location, would then indicate the estimated FMV of the donated property. Www irs gov 1040x form If the comparable sales method is used to determine the value of unimproved real property (land without significant buildings, structures, or any other improvements that add to its value), the appraiser should consider the following factors when comparing the potential comparable property and the donated property: Location, size, and zoning or use restrictions, Accessibility and road frontage, and available utilities and water rights, Riparian rights (right of access to and use of the water by owners of land on the bank of a river) and existing easements, rights-of-way, leases, etc. Www irs gov 1040x form , Soil characteristics, vegetative cover, and status of mineral rights, and Other factors affecting value. Www irs gov 1040x form For each comparable sale, the appraisal must include the names of the buyer and seller, the deed book and page number, the date of sale and selling price, a property description, the amount and terms of mortgages, property surveys, the assessed value, the tax rate, and the assessor's appraised FMV. Www irs gov 1040x form The comparable selling prices must be adjusted to account for differences between the sale property and the donated property. Www irs gov 1040x form Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment. Www irs gov 1040x form Only comparable sales having the least adjustments in terms of items and/or total dollar adjustments should be considered as comparable to the donated property. Www irs gov 1040x form 2. Www irs gov 1040x form Capitalization of Income This method capitalizes the net income from the property at a rate that represents a fair return on the particular investment at the particular time, considering the risks involved. Www irs gov 1040x form The key elements are the determination of the income to be capitalized and the rate of capitalization. Www irs gov 1040x form 3. Www irs gov 1040x form Replacement Cost New or Reproduction Cost Minus Observed Depreciation This method, used alone, usually does not result in a determination of FMV. Www irs gov 1040x form Instead, it generally tends to set the upper limit of value, particularly in periods of rising costs, because it is reasonable to assume that an informed buyer will not pay more for the real estate than it would cost to reproduce a similar property. Www irs gov 1040x form Of course, this reasoning does not apply if a similar property cannot be created because of location, unusual construction, or some other reason. Www irs gov 1040x form Generally, this method serves to support the value determined from other methods. Www irs gov 1040x form When the replacement cost method is applied to improved realty, the land and improvements are valued separately. Www irs gov 1040x form The replacement cost of a building is figured by considering the materials, the quality of workmanship, and the number of square feet or cubic feet in the building. Www irs gov 1040x form This cost represents the total cost of labor and material, overhead, and profit. Www irs gov 1040x form After the replacement cost has been figured, consideration must be given to the following factors: Physical deterioration—the wear and tear on the building itself, Functional obsolescence—usually in older buildings with, for example, inadequate lighting, plumbing, or heating, small rooms, or a poor floor plan, and Economic obsolescence—outside forces causing the whole area to become less desirable. Www irs gov 1040x form Interest in a Business The FMV of any interest in a business, whether a sole proprietorship or a partnership, is the amount that a willing buyer would pay for the interest to a willing seller after consideration of all relevant factors. Www irs gov 1040x form The relevant factors to be considered in valuing the business are: The FMV of the assets of the business, The demonstrated earnings capacity of the business, based on a review of past and current earnings, and The other factors used in evaluating corporate stock, if they apply. Www irs gov 1040x form The value of the goodwill of the business should also be taken into consideration. Www irs gov 1040x form You should keep complete financial and other information on which you base the valuation. Www irs gov 1040x form This includes copies of reports of examinations of the business made by accountants, engineers, or any technical experts on or close to the valuation date. Www irs gov 1040x form Annuities, Interests for Life or Terms of Years, Remainders, and Reversions The value of these kinds of property is their present value, except in the case of annuities under contracts issued by companies regularly engaged in their sale. Www irs gov 1040x form The valuation of these commercial annuity contracts and of insurance policies is discussed later under Certain Life Insurance and Annuity Contracts. Www irs gov 1040x form To determine present value, you must know the applicable interest rate and use actuarial tables. Www irs gov 1040x form Interest rate. Www irs gov 1040x form   The applicable interest rate varies. Www irs gov 1040x form It is announced monthly in a news release and published in the Internal Revenue Bulletin as a Revenue Ruling. Www irs gov 1040x form The interest rate to use is under the heading “Rate Under Section 7520” for a given month and year. Www irs gov 1040x form You can call the IRS office at 1-800-829-1040 to obtain this rate. Www irs gov 1040x form Actuarial tables. Www irs gov 1040x form   You need to refer to actuarial tables to determine a qualified interest in the form of an annuity, any interest for life or a term of years, or any remainder interest to a charitable organization. Www irs gov 1040x form   Use the valuation tables set forth in IRS Publications 1457, Actuarial Values (Book Aleph), and 1458, Actuarial Values (Book Beth). Www irs gov 1040x form Both of these publications provide tables containing actuarial factors to be used in determining the present value of an annuity, an interest for life or for a term of years, or a remainder or reversionary interest. Www irs gov 1040x form For qualified charitable transfers, you can use the factor for the month in which you made the contribution or for either of the 2 months preceding that month. Www irs gov 1040x form   Publication 1457 also contains actuarial factors for computing the value of a remainder interest in a charitable remainder annuity trust and a pooled income fund. Www irs gov 1040x form Publication 1458 contains the factors for valuing the remainder interest in a charitable remainder unitrust. Www irs gov 1040x form You can download Publications 1457 and 1458 from www. Www irs gov 1040x form irs. Www irs gov 1040x form gov. Www irs gov 1040x form In addition, they are available for purchase via the website of the U. Www irs gov 1040x form S. Www irs gov 1040x form Government Printing Office, by phone at (202) 512-1800, or by mail from the: Superintendent of Documents P. Www irs gov 1040x form O. Www irs gov 1040x form Box 371954 Pittsburgh, PA 15250-7954 Tables containing actuarial factors for transfers to pooled income funds may also be found in Income Tax Regulation 1. Www irs gov 1040x form 642(c)-6(e)(6), transfers to charitable remainder unitrusts in Regulation 1. Www irs gov 1040x form 664-4(e), and other transfers in Regulation 20. Www irs gov 1040x form 2031-7(d)(6). Www irs gov 1040x form Special factors. Www irs gov 1040x form   If you need a special factor for an actual transaction, you can request a letter ruling. Www irs gov 1040x form Be sure to include the date of birth of each person the duration of whose life may affect the value of the interest. Www irs gov 1040x form Also include copies of the relevant instruments. Www irs gov 1040x form IRS charges a user fee for providing special factors. Www irs gov 1040x form   For more information about requesting a ruling, see Revenue Procedure 2006-1 (or annual update), 2006-1 I. Www irs gov 1040x form R. Www irs gov 1040x form B. Www irs gov 1040x form 1. Www irs gov 1040x form Revenue Procedure 2006-1 is available at www. Www irs gov 1040x form irs. Www irs gov 1040x form gov/irb/2006-01_IRB/ar06. Www irs gov 1040x form html. Www irs gov 1040x form   For information on the circumstances under which a charitable deduction may be allowed for the donation of a partial interest in property not in trust, see Partial Interest in Property Not in Trust, later. Www irs gov 1040x form Certain Life Insurance and Annuity Contracts The value of an annuity contract or a life insurance policy issued by a company regularly engaged in the sale of such contracts or policies is the amount that company would charge for a comparable contract. Www irs gov 1040x form But if the donee of a life insurance policy may reasonably be expected to cash the policy rather than hold it as an investment, then the FMV is the cash surrender value rather than the replacement cost. Www irs gov 1040x form If an annuity is payable under a combination annuity contract and life insurance policy (for example, a retirement income policy with a death benefit) and there was no insurance element when it was transferred to the charity, the policy is treated as an annuity contract. Www irs gov 1040x form Partial Interest in Property Not in Trust Generally, no deduction is allowed for a charitable contribution, not made in trust, of less than your entire interest in property. Www irs gov 1040x form However, this does not apply to a transfer of less than your entire interest if it is a transfer of: A remainder interest in your personal residence or farm, An undivided part of your entire interest in property, or A qualified conservation contribution. Www irs gov 1040x form Remainder Interest in Real Property The amount of the deduction for a donation of a remainder interest in real property is the FMV of the remainder interest at the time of the contribution. Www irs gov 1040x form To determine this value, you must know the FMV of the property on the date of the contribution. Www irs gov 1040x form Multiply this value by the appropriate factor. Www irs gov 1040x form Publications 1457 and 1458 contain these factors. Www irs gov 1040x form You must make an adjustment for depreciation or depletion using the factors shown in Publication 1459, Actuarial Values (Book Gimel). Www irs gov 1040x form You can use the factors for the month in which you made the contribution or for either of the two months preceding that month. Www irs gov 1040x form See the earlier discussion on Annuities, Interests for Life or Terms of Years, Remainders, and Reversions. Www irs gov 1040x form You can download Publication 1459 from www. Www irs gov 1040x form irs. Www irs gov 1040x form gov. Www irs gov 1040x form For this purpose, the term “depreciable property” means any property subject to wear and tear or obsolescence, even if not used in a trade or business or for the production of income. Www irs gov 1040x form If the remainder interest includes both depreciable and nondepreciable property, for example a house and land, the FMV must be allocated between each kind of property at the time of the contribution. Www irs gov 1040x form This rule also applies to a gift of a remainder interest that includes property that is part depletable and part not depletable. Www irs gov 1040x form Take into account depreciation or depletion only for the property that is subject to depreciation or depletion. Www irs gov 1040x form For more information, see section 1. Www irs gov 1040x form 170A-12 of the Income Tax Regulations. Www irs gov 1040x form Undivided Part of Your Entire Interest A contribution of an undivided part of your entire interest in property must consist of a part of each and every substantial interest or right you own in the property. Www irs gov 1040x form It must extend over the entire term of your interest in the property. Www irs gov 1040x form For example, you are entitled to the income from certain property for your life (life estate) and you contribute 20% of that life estate to a qualified organization. Www irs gov 1040x form You can claim a deduction for the contribution if you do not have any other interest in the property. Www irs gov 1040x form To figure the value of a contribution involving a partial interest, see Publication 1457. Www irs gov 1040x form If the only interest you own in real property is a remainder interest and you transfer part of that interest to a qualified organization, see the previous discussion on valuation of a remainder interest in real property. Www irs gov 1040x form Qualified Conservation Contribution A qualified conservation contribution is a contribution of a qualified real property interest to a qualified organization to be used only for conservation purposes. Www irs gov 1040x form Qualified organization. Www irs gov 1040x form   For purposes of a qualified conservation contribution, a qualified organization is: A governmental unit, A publicly supported charitable, religious, scientific, literary, educational, etc. Www irs gov 1040x form , organization, or An organization that is controlled by, and operated for the exclusive benefit of, a governmental unit or a publicly supported charity. Www irs gov 1040x form The organization also must have a commitment to protect the conservation purposes of the donation and must have the resources to enforce the restrictions. Www irs gov 1040x form Conservation purposes. Www irs gov 1040x form   Your contribution must be made only for one of the following conservation purposes. Www irs gov 1040x form Preserving land areas for outdoor recreation by, or for the education of, the general public. Www irs gov 1040x form Protecting a relatively natural habitat of fish, wildlife, or plants, or a similar ecosystem. Www irs gov 1040x form Preserving open space, including farmland and forest land, if it yields a significant public benefit. Www irs gov 1040x form It must be either for the scenic enjoyment of the general public or under a clearly defined federal, state, or local governmental conservation policy. Www irs gov 1040x form Preserving a historically important land area or a certified historic structure. Www irs gov 1040x form There must be some visual public access to the property. Www irs gov 1040x form Factors used in determining the type and amount of public access required include the historical significance of the property, the remoteness or accessibility of the site, and the extent to which intrusions on the privacy of individuals living on the property would be unreasonable. Www irs gov 1040x form Building in registered historic district. Www irs gov 1040x form   A contribution after July 25, 2006, of a qualified real property interest that is an easement or other restriction on the exterior of a building in a registered historic district is deductible only if it meets all of the following three conditions. Www irs gov 1040x form The restriction must preserve the entire exterior of the building and must prohibit any change to the exterior of the building that is inconsistent with its historical character. Www irs gov 1040x form You and the organization receiving the contribution must enter into a written agreement certifying, that the organization is a qualified organization and that it has the resources and commitment to maintain the property as donated. Www irs gov 1040x form If you make the contribution in a tax year beginning after August 17, 2006, you must include with your return: A qualified appraisal, Photographs of the building's entire exterior, and A description of all restrictions on development of the building, such as zoning laws and restrictive covenants. Www irs gov 1040x form   If you make this type of contribution after February 12, 2007, and claim a deduction of more than $10,000, your deduction will not be allowed unless you pay a $500 filing fee. Www irs gov 1040x form See Form 8283-V, Payment Voucher for Filing Fee Under Section 170(f)(13), and its instructions. Www irs gov 1040x form Qualified real property interest. Www irs gov 1040x form   This is any of the following interests in real property. Www irs gov 1040x form Your entire interest in real estate other than a mineral interest (subsurface oil, gas, or other minerals, and the right of access to these minerals). Www irs gov 1040x form A remainder interest. Www irs gov 1040x form A restriction (granted in perpetuity) on the use that may be made of the real property. Www irs gov 1040x form Valuation. Www irs gov 1040x form   A qualified real property interest described in (1) should be valued in a manner that is consistent with the type of interest transferred. Www irs gov 1040x form If you transferred all the interest in the property, the FMV of the property is the amount of the contribution. Www irs gov 1040x form If you do not transfer the mineral interest, the FMV of the surface rights in the property is the amount of the contribution. Www irs gov 1040x form   If you owned only a remainder interest or an income interest (life estate), see Undivided Part of Your Entire Interest, earlier. Www irs gov 1040x form If you owned the entire property but transferred only a remainder interest (item (2)), see Remainder Interest in Real Property, earlier. Www irs gov 1040x form   In determining the value of restrictions, you should take into account the selling price in arm's-length transactions of other properties that have comparable restrictions. Www irs gov 1040x form If there are no comparable sales, the restrictions are valued indirectly as the difference between the FMVs of the property involved before and after the grant of the restriction. Www irs gov 1040x form   The FMV of the property before contribution of the restriction should take into account not only current use but the likelihood that the property, without the restriction, would be developed. Www irs gov 1040x form You should also consider any zoning, conservation, or historical preservation laws that would restrict development. Www irs gov 1040x form Granting an easement may increase, rather than reduce, the value of property, and in such a situation no deduction would be allowed. Www irs gov 1040x form Example. Www irs gov 1040x form   You own 10 acres of farmland. Www irs gov 1040x form Similar land in the area has an FMV of $2,000 an acre. Www irs gov 1040x form However, land in the general area that is restricted solely to farm use has an FMV of $1,500 an acre. Www irs gov 1040x form Your county wants to preserve open space and prevent further development in your area. Www irs gov 1040x form   You grant to the county an enforceable open space easement in perpetuity on 8 of the 10 acres, restricting its use to farmland. Www irs gov 1040x form The value of this easement is $4,000, determined as follows: FMV of the property before granting easement:   $2,000 × 10 acres $20,000 FMV of the property after granting easement:   $1,500 × 8 acres $12,000   $2,000 × 2 acres 4,000 16,000 Value of easement   $4,000   If you later transfer in fee your remaining interest in the 8 acres to another qualified organization, the FMV of your remaining interest is the FMV of the 8 acres reduced by the FMV of the easement granted to the first organization. Www irs gov 1040x form More information. Www irs gov 1040x form   For more information about qualified conservation contributions, see Publication 526. Www irs gov 1040x form Appraisals Appraisals are not necessary for items of property for which you claim a deduction of $5,000 or less. Www irs gov 1040x form (There is one exception, described next, for certain clothing and household items. Www irs gov 1040x form ) However, you generally will need an appraisal for donated property for which you claim a deduction of more than $5,000. Www irs gov 1040x form There are exceptions. Www irs gov 1040x form See Deductions of More Than $5,000, later. Www irs gov 1040x form The weight given an appraisal depends on the completeness of the report, the qualifications of the appraiser, and the appraiser's demonstrated knowledge of the donated property. Www irs gov 1040x form An appraisal must give all the facts on which to base an intelligent judgment of the value of the property. Www irs gov 1040x form The appraisal will not be given much weight if: All the factors that apply are not considered, The opinion is not supported with facts, such as purchase price and comparable sales, or The opinion is not consistent with known facts. Www irs gov 1040x form The appraiser's opinion is never more valid than the facts on which it is based; without these facts it is simply a guess. Www irs gov 1040x form The opinion of a person claiming to be an expert is not binding on the Internal Revenue Service. Www irs gov 1040x form All facts associated with the donation must be considered. Www irs gov 1040x form Deduction over $500 for certain clothing or household items. Www irs gov 1040x form   You must include with your return a qualified appraisal of any single item of clothing or any household item that is not in good used condition or better, that you donated after August 17, 2006, and for which you deduct more than $500. Www irs gov 1040x form See Household Goods and Used Clothing, earlier. Www irs gov 1040x form Cost of appraisals. Www irs gov 1040x form   You may not take a charitable contribution deduction for fees you pay for appraisals of your donated property. Www irs gov 1040x form However, these fees may qualify as a miscellaneous deduction, subject to the 2% limit, on Schedule A (Form 1040) if paid to determine the amount allowable as a charitable contribution. Www irs gov 1040x form Deductions of More Than $5,000 Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser, and you must attach Section B of Form 8283 to your tax return. Www irs gov 1040x form There are exceptions, discussed later. Www irs gov 1040x form You should keep the appraiser's report with your written records. Www irs gov 1040x form Records are discussed in Publication 526. Www irs gov 1040x form The phrase “similar items” means property of the same generic category or type (whether or not donated to the same donee), such as stamp collections, coin collections, lithographs, paintings, photographs, books, nonpublicly traded stock, nonpublicly traded securities other than nonpublicly traded stock, land, buildings, clothing, jewelry, furniture, electronic equipment, household appliances, toys, everyday kitchenware, china, crystal, or silver. Www irs gov 1040x form For example, if you give books to three schools and you deduct $2,000, $2,500, and $900, respectively, your claimed deduction is more than $5,000 for these books. Www irs gov 1040x form You must get a qualified appraisal of the books and for each school you must attach a fully completed Form 8283, Section B, to your tax return. Www irs gov 1040x form Exceptions. Www irs gov 1040x form   You do not need an appraisal if the property is: Nonpublicly traded stock of $10,000 or less, A vehicle (including a car, boat, or airplane) for which your deduction is limited to the gross proceeds from its sale, Qualified intellectual property, such as a patent, Certain publicly traded securities described next, Inventory and other property donated by a corporation that are “qualified contributions” for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A) of the Internal Revenue Code, or Stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business. Www irs gov 1040x form   Although an appraisal is not required for the types of property just listed, you must provide certain information about a donation of any of these types of property on Form 8283. Www irs gov 1040x form Publicly traded securities. Www irs gov 1040x form   Even if your claimed deduction is more than $5,000, neither a qualified appraisal nor Section B of Form 8283 is required for publicly traded securities that are: Listed on a stock exchange in which quotations are published on a daily basis, Regularly traded in a national or regional over-the-counter market for which published quotations are available, or Shares of an open-end investment company (mutual fund) for which quotations are published on a daily basis in a newspaper of general circulation throughout the United States. Www irs gov 1040x form Publicly traded securities that meet these requirements must be reported on Form 8283, Section A. Www irs gov 1040x form   A qualified appraisal is not required, but Form 8283, Section B, Parts I and IV, must be completed, for an issue of a security that does not meet the requirements just listed but does meet these requirements: The issue is regularly traded during the computation period (defined later) in a market for which there is an “interdealer quotation system” (defined later), The issuer or agent computes the “average trading price” (defined later) for the same issue for the computation period, The average trading price and total volume of the issue during the computation period are published in a newspaper of general circulation throughout the United States, not later than the last day of the month following the end of the calendar quarter in which the computation period ends, The issuer or agent keeps books and records that list for each transaction during the computation period the date of settlement of the transaction, the name and address of the broker or dealer making the market in which the transaction occurred, and the trading price and volume, and The issuer or agent permits the Internal Revenue Service to review the books and records described in item (4) with respect to transactions during the computation period upon receiving reasonable notice. Www irs gov 1040x form   An interdealer quotation system is any system of general circulation to brokers and dealers that regularly disseminates quotations of obligations by two or more identified brokers or dealers who are not related to either the issuer or agent who computes the average trading price of the security. Www irs gov 1040x form A quotation sheet prepared and distributed by a broker or dealer in the regular course of business and containing only quotations of that broker or dealer is not an interdealer quotation system. Www irs gov 1040x form   The average trading price is the average price of all transactions (weighted by volume), other than original issue or redemption transactions, conducted through a United States office of a broker or dealer who maintains a market in the issue of the security during the computation period. Www irs gov 1040x form Bid and asked quotations are not taken into account. Www irs gov 1040x form   The computation period is weekly during October through December and monthly during January through September. Www irs gov 1040x form The weekly computation periods during October through December begin with the first Monday in October and end with the first Sunday following the last Monday in December. Www irs gov 1040x form Nonpublicly traded stock. Www irs gov 1040x form   If you contribute nonpublicly traded stock, for which you claim a deduction of $10,000 or less, a qualified appraisal is not required. Www irs gov 1040x form However, you must attach Form 8283 to your tax return, with Section B, Parts I and IV, completed. Www irs gov 1040x form Deductions of More Than $500,000 If you claim a deduction of more than $500,000 for a donation of property, you must attach a qualified appraisal of the property to your return. Www irs gov 1040x form This does not apply to contributions of cash, inventory, publicly traded stock, or intellectual property. Www irs gov 1040x form If you do not attach the appraisal, you cannot deduct your contribution, unless your failure to attach the appraisal is due to reasonable cause and not to willful neglect. Www irs gov 1040x form Qualified Appraisal Generally, if the claimed deduction for an item or group of similar items of donated property is more than $5,000, you must get a qualified appraisal made by a qualified appraiser. Www irs gov 1040x form You must also complete Form 8283, Section B, and attach it to your tax return. Www irs gov 1040x form See Deductions of More Than $5,000, earlier. Www irs gov 1040x form A qualified appraisal is an appraisal document that: Is made, signed, and dated by a qualified appraiser (defined later) in accordance with generally accepted appraisal standards, Meets the relevant requirements of Regulations section 1. Www irs gov 1040x form 170A-13(c)(3) and Notice 2006-96, 2006-46 I. Www irs gov 1040x form R. Www irs gov 1040x form B. Www irs gov 1040x form 902 (available at www. Www irs gov 1040x form irs. Www irs gov 1040x form gov/irb/2006-46_IRB/ar13. Www irs gov 1040x form html), Relates to an appraisal made not earlier than 60 days before the date of contribution of the appraised property, Does not involve a prohibited appraisal fee, and Includes certain information (covered later). Www irs gov 1040x form You must receive the qualified appraisal before the due date, including extensions, of the return on which a charitable contribution deduction is first claimed for the donated property. Www irs gov 1040x form If the deduction is first claimed on an amended return, the qualified appraisal must be received before the date on which the amended return is filed. Www irs gov 1040x form Form 8283, Section B, must be attached to your tax return. Www irs gov 1040x form Generally, you do not need to attach the qualified appraisal itself, but you should keep a copy as long as it may be relevant under the tax law. Www irs gov 1040x form There are four exceptions. Www irs gov 1040x form If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the appraisal. Www irs gov 1040x form See Paintings, Antiques, and Other Objects of Art, earlier. Www irs gov 1040x form If you claim a deduction of more than $500,000 for a donation of property, you must attach the appraisal. Www irs gov 1040x form See Deductions of More Than $500,000, earlier. Www irs gov 1040x form If you claim a deduction of more than $500 for an article of clothing, or a household item, that is not in good used condition or better, that you donated after August 17, 2006, you must attach the appraisal. Www irs gov 1040x form See Deduction over $500 for certain clothing or household items, earlier. Www irs gov 1040x form If you claim a deduction in a tax year beginning after August 17, 2006, for an easement or other restriction on the exterior of a building in a historic district, you must attach the appraisal. Www irs gov 1040x form See Building in registered historic district, earlier. Www irs gov 1040x form Prohibited appraisal fee. Www irs gov 1040x form   Generally, no part of the fee arrangement for a qualified appraisal can be based on a percentage of the appraised value of the property. Www irs gov 1040x form If a fee arrangement is based on what is allowed as a deduction, after Internal Revenue Service examination or otherwise, it is treated as a fee based on a percentage of appraised value. Www irs gov 1040x form However, appraisals are not disqualified when an otherwise prohi
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The Www Irs Gov 1040x Form

Www irs gov 1040x form 5. Www irs gov 1040x form   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Www irs gov 1040x form Free help with your tax return. Www irs gov 1040x form   You can get free help preparing your return nationwide from IRS-certified volunteers. Www irs gov 1040x form The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Www irs gov 1040x form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Www irs gov 1040x form Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Www irs gov 1040x form In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Www irs gov 1040x form To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Www irs gov 1040x form gov, download the IRS2Go app, or call 1-800-906-9887. Www irs gov 1040x form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Www irs gov 1040x form To find the nearest AARP Tax-Aide site, visit AARP's website at www. Www irs gov 1040x form aarp. Www irs gov 1040x form org/money/taxaide or call 1-888-227-7669. Www irs gov 1040x form For more information on these programs, go to IRS. Www irs gov 1040x form gov and enter “VITA” in the search box. Www irs gov 1040x form Internet. Www irs gov 1040x form    IRS. Www irs gov 1040x form gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. 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Www irs gov 1040x form gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Www irs gov 1040x form You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Www irs gov 1040x form The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Www irs gov 1040x form When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Www irs gov 1040x form Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Www irs gov 1040x form You can also ask the IRS to mail a return or an account transcript to you. Www irs gov 1040x form Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Www irs gov 1040x form gov or by calling 1-800-908-9946. Www irs gov 1040x form Tax return and tax account transcripts are generally available for the current year and the past three years. Www irs gov 1040x form Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Www irs gov 1040x form Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Www irs gov 1040x form If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Www irs gov 1040x form Check the status of your amended return using Where's My Amended Return? Go to IRS. Www irs gov 1040x form gov and enter Where's My Amended Return? in the search box. Www irs gov 1040x form You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Www irs gov 1040x form It can take up to 3 weeks from the date you mailed it to show up in our system. Www irs gov 1040x form Make a payment using one of several safe and convenient electronic payment options available on IRS. Www irs gov 1040x form gov. Www irs gov 1040x form Select the Payment tab on the front page of IRS. Www irs gov 1040x form gov for more information. Www irs gov 1040x form Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Www irs gov 1040x form Figure your income tax withholding with the IRS Withholding Calculator on IRS. Www irs gov 1040x form gov. Www irs gov 1040x form Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Www irs gov 1040x form Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Www irs gov 1040x form gov. Www irs gov 1040x form Request an Electronic Filing PIN by going to IRS. Www irs gov 1040x form gov and entering Electronic Filing PIN in the search box. Www irs gov 1040x form Download forms, instructions and publications, including accessible versions for people with disabilities. Www irs gov 1040x form Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Www irs gov 1040x form gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Www irs gov 1040x form An employee can answer questions about your tax account or help you set up a payment plan. Www irs gov 1040x form Before you visit, check the Office Locator on IRS. Www irs gov 1040x form gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Www irs gov 1040x form If you have a special need, such as a disability, you can request an appointment. Www irs gov 1040x form Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Www irs gov 1040x form Apply for an Employer Identification Number (EIN). Www irs gov 1040x form Go to IRS. Www irs gov 1040x form gov and enter Apply for an EIN in the search box. Www irs gov 1040x form Read the Internal Revenue Code, regulations, or other official guidance. Www irs gov 1040x form Read Internal Revenue Bulletins. Www irs gov 1040x form Sign up to receive local and national tax news and more by email. Www irs gov 1040x form Just click on “subscriptions” above the search box on IRS. Www irs gov 1040x form gov and choose from a variety of options. Www irs gov 1040x form    Phone. Www irs gov 1040x form You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Www irs gov 1040x form Download the free IRS2Go app from the iTunes app store or from Google Play. Www irs gov 1040x form Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Www irs gov 1040x form gov, or download the IRS2Go app. Www irs gov 1040x form Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Www irs gov 1040x form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Www irs gov 1040x form Most VITA and TCE sites offer free electronic filing. Www irs gov 1040x form Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Www irs gov 1040x form Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Www irs gov 1040x form Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Www irs gov 1040x form If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Www irs gov 1040x form The IRS issues more than 9 out of 10 refunds in less than 21 days. Www irs gov 1040x form Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Www irs gov 1040x form Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Www irs gov 1040x form The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Www irs gov 1040x form Note, the above information is for our automated hotline. Www irs gov 1040x form Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Www irs gov 1040x form Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Www irs gov 1040x form You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Www irs gov 1040x form It can take up to 3 weeks from the date you mailed it to show up in our system. Www irs gov 1040x form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Www irs gov 1040x form You should receive your order within 10 business days. Www irs gov 1040x form Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Www irs gov 1040x form If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Www irs gov 1040x form Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Www irs gov 1040x form The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Www irs gov 1040x form These individuals can also contact the IRS through relay services such as the Federal Relay Service. Www irs gov 1040x form    Walk-in. Www irs gov 1040x form You can find a selection of forms, publications and services — in-person. Www irs gov 1040x form Products. Www irs gov 1040x form You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Www irs gov 1040x form Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Www irs gov 1040x form Services. Www irs gov 1040x form You can walk in to your local TAC for face-to-face tax help. Www irs gov 1040x form An employee can answer questions about your tax account or help you set up a payment plan. Www irs gov 1040x form Before visiting, use the Office Locator tool on IRS. Www irs gov 1040x form gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Www irs gov 1040x form    Mail. Www irs gov 1040x form You can send your order for forms, instructions, and publications to the address below. Www irs gov 1040x form You should receive a response within 10 business days after your request is received. Www irs gov 1040x form Internal Revenue Service 1201 N. Www irs gov 1040x form Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Www irs gov 1040x form The Taxpayer Advocate Service (TAS) is your voice at the IRS. Www irs gov 1040x form Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Www irs gov 1040x form   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. 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Www irs gov 1040x form We have offices in every state, the District of Columbia, and Puerto Rico. Www irs gov 1040x form   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Www irs gov 1040x form   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Www irs gov 1040x form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Www irs gov 1040x form Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Www irs gov 1040x form Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Www irs gov 1040x form Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Www irs gov 1040x form Prev  Up  Next   Home   More Online Publications