Non cash gift over 16k

[Possi]

My new client gave a crypt that is valued over 16k.

A 1098C is not required for this gift, however we do have a letter stating all the details and value.

My question is this, should I mail an 8453 with this documentation? I do not see special instructions for the donation in TTB. I feel like the donation should warrant some documentation in addition to the 8283.

[Lion]

Section B, Form 8283

Per TTB, more than $5,000, appraisal attached to the tax return, can mail it separately with Form 8453, page 4-17.

[Possi]

Letter

I have a letter from the cemetary stating the value. It is not an "appraisal" but will that suffice? I would think so, but I sure don't want to take this deduction and have it disallowed.
I will send in all documentation, of course.

[Davc]

You need a qualified appraisal, not just a letter from the organization.

[Burke]

A qualified appraisal is usually required for appreciated property. Was this crypt new? Can the
TP show documentation on what he paid for it? Is he trying to deduct more than that? If he is trying to deduct his actual cost and he can prove it with a bill of sale or such, I would think that would suffice.

[Possi]

Appreciated

A qualified appraisal is usually required for appreciated property. Was this crypt new? Can the
TP show documentation on what he paid for it? Is he trying to deduct more than that? If he is trying to deduct his actual cost and he can prove it with a bill of sale or such, I would think that would suffice.

The letter states the market value which is more than she paid for it.. I should have asked that to begin with, but this is a first for me. Clearly I need to study that topic.

I don't know the difference b/t qualified appraisal and letter.

Of COURSE, the cemetary and church told her to take the market value, and of COURSE they said the letter would suffice. Of COURSE they have never actually prepared a tax return.... ugh

[Burke]

The letter states the market value which is more than she paid for it..

Well, then a qualified appraisal must be attached. Now, where you would get such an item, I have no idea. I am not sure there is a market for crypt appraisers. They might take the cemetery's statement, since they should know what it is worth if they were to sell it. I'd give it a shot, and let the IRS decide if it is sufficient.

[Larmil]

My opinion ONLY -

The letter states the market value which is more than she paid for it.. I should have asked that to begin with, but this is a first for me. Clearly I need to study that topic.

I don't know the difference b/t qualified appraisal and letter.

Of COURSE, the cemetary and church told her to take the market value, and of COURSE they said the letter would suffice. Of COURSE they have never actually prepared a tax return.... ugh

is to get a PAID FOR appraisal from a disinterested party with believable (at least to me) background in such matters. FWIF, I never would take a donee's value as gospel.
.

[Possi]

Thanks

I'll go with the letter and the other information I have. I don't think a crypt appraiser is in the "book!" You are right about that!

=)