IRS appraisal rules: what you need to know before gifting or donating noncash assets - Mize CPAs Inc.

IRS appraisal rules: what you need to know before gifting or donating noncash assets - Mize CPAs Inc.

Are you thinking about donating a piece of real estate to your alma mater? Gifting a rare collection to your children? Or transferring a valuable classic car to a charity auction? These types of noncash gifts can be a meaningful way to support a cause, preserve family wealth, or reduce estate tax burdens. But, unlike writing a check, donating or gifting valuable assets comes with extra steps. If you don’t properly document their value, the IRS c…