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six place settings of a pattern of silverware are one item
<br />for the $500 test.
<br />Example. You donated books valued at $6,000. The
<br />appraisal states that one of the items, a collection of
<br />books by author "X," is worth $400. On the Form 8283
<br />that you are required to give the donee, you decide not to
<br />show the appraised value of all of the books. But you
<br />also do not want the donee to have to file Form 8282 if
<br />the collection of books is sold within 3 years after the
<br />donation. If your description of Property A on line 5
<br />includes all the books, then specify in Part H the
<br />"collection of books by X included in Property A." But if
<br />your Property A description is "collection of books by X,"
<br />the only required entry in Part II is "Property A."
<br />In the above example, you may have chosen instead
<br />to give a completed copy of Form 8283 to the donee. The
<br />donee would then be aware of the value. If you include all
<br />the books as Property A on line 5, and enter $6,000 in
<br />column (c), you may still want to describe the specific
<br />collection in Part 11 so the donee can sell it without filing
<br />Form 8282.
<br />Part III, Declaration of Appraiser
<br />If you had to get an appraisal, you must get it from a
<br />qualified appraiser. A qualified appraiser is an individual
<br />who meets all the following requirements.
<br />1. The individual either:
<br />a. Has earned an appraisal designation from a
<br />recognized professional appraiser organization for
<br />demonstrated competency in valuing the type of property
<br />being appraised, or
<br />b. Has met certain minimum education and
<br />experience requirements.
<br />2. The individual regularly prepares appraisals for
<br />which he or she is paid.
<br />3. The individual demonstrates verifiable education
<br />and experience in valuing the type of property being
<br />appraised. To do this, the appraiser can make a
<br />declaration that, because of his or her background,
<br />experience, education, and membership in professional
<br />associations, he or she is qualified to make appraisals of
<br />the type of property being valued. The declaration must
<br />be part of the appraisal. However, if the appraisal was
<br />already completed without this declaration, the
<br />declaration can be made separately and associated with
<br />the appraisal.
<br />4. The individual has not been prohibited from
<br />practicing before the IRS under section 330(c) of title 31
<br />of the United States Code at any time during the 3 -year
<br />period ending on the date of the appraisal.
<br />In addition, the appraiser must complete Part III of
<br />Form 8283. See section 170(f)(11)(E), Notice 2006 -96,
<br />and Regulations section 1.170A- 13(c)(5) for details.
<br />Persons who cannot be qualified appraisers are listed
<br />in the Declaration of Appraiser. Generally, a party to the
<br />transaction in which you acquired the property being
<br />appraised will not qualify to sign the declaration. But a
<br />person who sold, exchanged, or gave the property to you
<br />may sign the declaration if the property was donated
<br />within 2 months of the date you acquired it and the
<br />property's appraised value did not exceed its acquisition
<br />price.
<br />An appraiser may not be considered qualified if you
<br />had knowledge of facts that would cause a reasonable
<br />person to expect the appraiser to falsely overstate the
<br />value of the property. An example of this is an agreement
<br />between you and the appraiser about the property value
<br />when you know that the appraised amount exceeds the
<br />actual FMV,
<br />Usually, appraisal fees cannot be based on a
<br />percentage of the appraised value unless the fees were
<br />paid to certain not - for - profit associations. See
<br />Regulations section 1.170A- 13(c)(6)(ii).
<br />If the appraiser completed Part III of the December
<br />2005 revision of Form 8283 and you file your return after
<br />February 16, 2007, you must get a statement signed by
<br />the appraiser that states: "1 understand that a substantial
<br />or gross valuation misstatement resulting from the
<br />appraisal of the value of the property that I know, or
<br />reasonably should know, would be used in connection
<br />with a return or claim for refund, may subject me to the
<br />penalty under section 6695A." Include this statement with
<br />your return. (If the appraiser completes Part III of the
<br />December 2006 revision of Form 8283, this statement is
<br />included in Part III.) If this applies to you and you e -file,
<br />mail the statement with Form 8453, U.S. Individual
<br />Income Tax Declaration for an IRS e -file Return, or Form
<br />8453 -OL, U.S. Individual Income Tax Declaration for an
<br />IRS e -file Online Return; you cannot sign your return
<br />electronically.
<br />If the appraiser makes a separate declaration to
<br />satisfy requirement (3) on this page and the appraisal
<br />must be included with the return, follow the procedures
<br />described in the preceding paragraph to submit the
<br />separate declaration.
<br />Identifying number. The appraiser's taxpayer
<br />identification number (social security number or employer
<br />identification number) must be entered in Part III.
<br />Part IV, Donee Acknowledgment
<br />The donee organization that received the property
<br />described in Part 1 of Section B must complete Part IV.
<br />Before submitting page 2 of Form 8283 to the donee for
<br />acknowledgment, complete at least your name,
<br />identifying number, and description of the donated
<br />property (line 5, column (a)). If tangible property is
<br />donated, also describe its physical condition (line 5,
<br />column (b)) at the time of the gift. Complete Part II, if
<br />applicable, before submitting the form to the donee. See
<br />the instructions for Part II.
<br />The person acknowledging the gift must be an official
<br />authorized to sign the tax returns of the organization, or a
<br />person specifically designated to sign Form 8283. After
<br />completing Part IV, the organization must return Form
<br />8283 to you, the donor. You must give a copy of Section
<br />B of this form to the donee organization. You may then
<br />complete any remaining information required in Part 1.
<br />Also, Part III may be completed at this time by the
<br />qualified appraiser.
<br />In some cases, it may be impossible to get the
<br />donee's signature on Form 8283 The deduction will not
<br />be disallowed for that reason if you attach a detailed
<br />explanation why it was impossible.
<br />Note. If it is reasonable to expect that donated tangible
<br />personal property will be used for a purpose unrelated to
<br />the purpose or function of the donee, the donee should
<br />check the "yes" box in Part IV. In this situation, your
<br />deduction will be limited. In addition, if the donee (or a
<br />successor donee) organization disposes of the property
<br />within 3 years after the date the original donee received
<br />R, the organization must file Form 8282, Donee
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