Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.
02-19-2018 04:06 PM
auction company valued collectables and held an auction. those items not sold were donated to a local charity. does the value documented by the auction house satisfy the IRS requirements of donation valuation?
03-01-2018 03:52 PM
Welcome to H&R Block Community.
The determination of Fair Market Value for donated items varies depending on the value and the item. In general, the value that the auction company placed on the items would be a good indication of what the property would sell for in the open market. 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.
I hope this helps you out!
For more information on specifics you can refer to IRS Publication 561, Determining the Value of Donated Property: (https://www.irs.gov/pub/irs-pdf/p561.pdf).
Tax Research Specialist