J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return

14.15 Form 8283 and Written Appraisal Requirements for Property Donations

You must attach Form 8283 to your Form 1040 for 2012 if you claim a total deduction of over $500 for all of your donations of property. The IRS may disallow your deduction if you fail to attach Form 8283. In Part I of Form 8283, you must identify the charity, describe the donated property, provide the value of the property on the date of the donation and indicate how you valued it (such as by appraisal, catalog for a collectible, or thrift shop value for clothing or household furniture). For each item valued at over $500, you also have to indicate how and when you acquired the property, and your cost or other basis.

If you are claiming a deduction exceeding $5,000 for an item, or for a group of similar items (such as paintings, buildings, coins, stamps, or books), you generally need a written appraisal from a qualified appraiser. The appraiser must sign a declaration in Part III of Section B of Form 8283 that he or she is unrelated to you and meets the other requirements for qualified appraisers. The appraisal must be made no earlier than 60 days before your donation, and you must receive it by the due date (including extensions) of the return on which you claim the deduction.

Failure to obtain a qualified appraisal can cost you a deduction even if the value you claim for the property on Form 8283 is a fair value. In one case, the Tax Court sided with the IRS in completely disallowing deductions for property ...