Appraisals & Taxation

Potential donors are advised that there are IRS substantiation requirements for deductions of charitable non-cash contributions.  In general, potential donors planning to claim a deduction of more than $500 for all non-cash gifts made during the year will need to file an IRS Form 8283 with their annual income tax return.  If a potential donor plans to claim a deduction of more than $5,000 for an item or a group of similar items, then he/she will need to have the property appraised by a "qualified appraiser."  

Under IRS rules, Tulane, a Tulane employee, or anyone in a relationship with Tulane that might not be considered independent is not a qualified appraiser.  Since Tulane is not a qualified appraiser for tax purposes, we do not furnish qualified appraisals.  The donor is responsible for obtaining a qualified appraisal.  The appraisal must be made not earlier than 60 days before the date of gift and not later than the income tax filing due date (including extensions).

The SEAA recommends that a prospective donor discuss his/her gift or charitable deductions with a tax advisor.

Relevant IRS publications and forms are available at http://www.irs.gov/:

• Charitable Contributions (IRS Pub.526)
• Determining the Value of Donated Property (IRS Pub. 561)
• Noncash Charitable Contributions (Form 8283)
• Instructions for Form 8283