Friday, February 25, 2005

Great Info on Appraisals - IRS Rules

IRS Publication 561, Page 9 says that these people arre specifically excluded for providing appraisals fo donated items:

1. The donor of the property or taxpayer claiming deduction
2. The donee of the property (i.e.- the museum)
3. A party to the transaction in which the donor acquired the property
(with exceptions)
4. Any person employed by, married to, or related to any of the above
5. An appraiser who appraises regularly for any of the above and who does
not perform a majority of their appraisals for other persons.