How Inadequate Documentation and Failure to Follow the Rules Can Really Hurt!
Posted on 06.19.12
If you donate property in excess of $5,000 to a qualified charitable organization, regulations require that taxpayers attach an appraisal summary to Form 8283 “Noncash Charitable Contributions”, and file with their tax return (for contributions in excess of $500,000, a copy of the qualified appraisal must also be attached). These specific requirements led to a total of $18.5 million in charitable deductions becoming disallowed by one taxpayer who did not provide the adequate supporting documents. Inadequate_Documentation