Donation Appraisal Solutions

Are you building a new home or remodeling your current home?  Consider donating your good quality building materials instead of just throwing them away.  You end up with a tax donation and help the planet at the same time - it's WIN - WIN!!

Donation Appraisals

The Appraisal ·  The IRS recently updated their requirements for donation deductions. All                                donation appraisals should be done by a certified appraiser familiar with the                            process. The donation value must be based on the actual items donated.                            See IRS publication 526 for further information.

 

The Process ·         An inspection is made of the house/items to be donated.  This is done at no                            charge and results in a base estimate of the donation value of the items to be                          donated. 

·          A list is made of the items noted on inspection (good condition, re-usable building materials) and this is shared with the client.  This list may change depending on the donee chosen by the client.

·          The base estimate of value is sent to the client.  Keep in mind that the final value usually ends up between 3% to 30% higher, especially if lumber is involved.

·          An engagement letter is sent to the client at this time also.  Our fees are based on how much time we expect to spend on the appraisal.  If a decision is made to go ahead with the donation, it is signed and returned to Donation Solutions along with 50% of the fee.

·          If appropriate, the items are tagged to facilitate the recordkeeping process for the appraisal – usually this only happens for a partial deconstruction.

·          Deconstruction begins.  During this process, we maintain contact with the deconstruction contractor and the donee and will come out and verify lumber if neccessary when it is ready to be donated as well.

·          Once all of the items are verified as donated, the appraisal is completed as well as the form 8283 and sent to the client.  The form 8283 is also sent to the donee for their signature.

 

For more information on deconstruction companies - check out my links page

 

The appraisal fee is tax deductible separate from the donation under the 2% rule.