The IRS is watching real estate donated to charity

Description

Abstract: Donating real property to a charity can both further a taxpayer’s philanthropic goals and provide valuable tax deductions. But the IRS imposes strict rules on charitable deductions that must be followed in order to reap the expected tax savings. This article explains how to stay on the right side of the IRS when it comes to donating real estate to charity by ensuring that appraisals abide by the IRS’s requirements regarding qualified appraisals and valuation methods. A sidebar notes the criteria one must meet to be a “qualified appraiser.”