Regarding donating property valued greater than $5,000, the donated property
must be appraised by a qualified appraiser, and you should use Form 8283.
I suggest you Google IRS publication 561, which has everything you need to
know regarding donating property of any dollar amount and also Google IRS Form
8283, which is required for donations above $5,000. Both forms are straight-
forward.
Keep in mind with the new 2018 tax laws limiting state/local/property tax
deductions to only $10,000 per year, many people who have historically
itemized deductions will simply claim the standard deduction henceforth. But
you need to itemize in order to claim a deduction for donated property.
You can download both forms mentioned above to a PDF format.
Note: I am not a tax expert and you should consult a currently licensed tax
professional before making any tax related decisions.
Troy Duncan, CPA (retired)
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