Donating Complex Assets?
Business appraisals are a wise investment, and in fact are legally compulsory, in many legal and tax-oriented situations. Asset based taxes, such as the federal estate and gift tax, require an opinion of value. However, many taxpayers lose significant contribution deductions for failure to follow the numerous procedural requirements regarding valuation and reporting.
The IRS requires the use of a qualified appraiser for charitable gifts of donated property with a fair market value of more than $5,000. So, make sure you engage an experienced valuation professional, who knows the requirements for a qualified appraisal. For more information, please call Bryan at 404.375.5496.