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What’s New for 2006. Clothing and household items. You cannot take a deduction for clothing or household items you donate after August 17, 2006, unless the clothing or household items are in good used condition or better. See Clothing and Household Items under Contributions of Property.
Additional substantiation requirements may apply to noncash contributions. These requirements can be complicated. They depend on the type of property contributed and the claimed value of the property contributed. See Form 8283 and its instructions as well as Publication 526 for additional information.
No disclosure statement is required when: The goods or services given to a donor meet the standards for insubstantial value set out in Revenue Procedure 90-12 PDF, 1990-1 C.B. 471, and Revenue Procedure 92-49 PDF, 1992-1 C.B. 987 (as updated);
1 lip 2016 · For contributions of art with an appraised value of $50,000 or more, taxpayers can request an IRS Statement of Value (which can be relied on when preparing returns). (Under limited circumstances, the IRS may issue such a statement for items appraised for less than $50,000.)
IRS regulations regarding when an appraisal is needed, and what related paperwork must be submitted with appraisals. For any donation of personal property with a claimed deduction: • Art work(s) with a total claimed value deduction at or exceeding $20,000 must have a complete, signed appraisal by a
Regulations about charitable donations focus on two main areas: substantiation of donations of $250 or more and disclosure requirements for goods and services that you may receive as a result of your donation. The IRS Publication 526 provides more detailed information.
The primary authoritative support concerning the valuation and reporting and recordkeeping of charitable donations is addressed in the Internal Revenue Service -- Publications 526 and 561.
