Bryan K. Clontz, Ph.D.: Qualified Noncash Charitable Appraisals: Crossing T’s And Dotting I’s (January 31, 2023)

February 2, 2023-Nicholas Ward

Bryan K. Clontz, of Forbes, has made available for download his article, “Qualified Noncash Charitable Appraisals: Crossing T’s And Dotting I’s,” published in Forbes. The abstract is as follows:

If you’re claiming an income tax deduction for a contribution to charity of a capital asset worth more than $5k, other than publicly-traded securities, you will need to support your claim with an appraisal.

And not just any appraisal, but a “qualified appraisal,” signed by a “qualified appraiser.”

The quoted phrases are defined in excruciating detail in a regulation published in July 2018 that runs about two thousand words . It took the Treasury more than 10 years to finalize the reg., following legislation in 2006 requiring them to act in this space. The project was not without controversy, and there are those who will say they still did not get it right.

Click here to read Bryan K. Clontz’s summary of “Qualified Noncash Charitable Appraisals: Crossing T’s And Dotting I’s”

Posted by Nicholas Ward, Intern, Wealth Strategies Journal