Appraisals
To enjoy a charitable deduction for a complex gift over $5,000, you must obtain this to substantiate the value of the gift.
What is a qualified appraisal?
The total amount of your income, minus specific deductions, that you report on page one of your tax return.
What is adjusted gross income (AGI)?
You do not need a qualified appraisal for this type of non-cash gift, regardless of the amount.
What are publicly traded securities?
They do enough quick volume acquiring and disposing of real property that the IRS treats them differently than someone holding property for investment purposes.
What are real estate "dealers" or "developers"?
The maximum amount a giver can deduct in a given year when giving all cash to public charities.
What is 60% of AGI?
An independent professional who is appropriately certified and experienced to value the type of asset that is gifted
What is a qualified appraiser?
The original cost of the property or business interest, reduced or increased by value you took out or put into the property.
What is the adjusted basis (or tax basis)?
The form that must be filed with your income tax return to substantiate your deduction for a non-cash gift.
What is Form 8283?
Property other than real estate that is useful based on its physical characteristics and can typically be picked up and relocated
What is tangible personal property?
The maximum amount a giver can deduct in a given year when giving only non-cash gifts to public charities.
What is 30% of AGI?
The price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.
What is fair market value?
An organization that qualifies for tax exemption under the Code but is NOT a public charity.
What is a private foundation?
These 2 things might reduce your deduction (hint, not valuation discounts).
What affect can ordinary income gain and debt have on your charitable deduction?
An idea that has value
What is intellectual property?
The maximum amount a giver can deduct in a given year when combining cash and non-cash gifts to public charities.
What is 50% of AGI?
A qualified appraisal must be completed before the ________________ in order to claim a charitable deduction on a complex asset gift.
What is the tax return due date?
Generally, it is an asset that has been owned for longer than 1 year and 1 day.
What is a long-term capital gain asset?
When giving a percentage of a non-cash asset to charity, you must give this in order to qualify for a deduction.
What is the full "bundle of rights" associated with the gifted interest?
To mobilize resources by inspiring Biblical generosity
What is NCF's mission?
A qualified appraisal can be no older than ____ days before the date of the gift.
What is 60 days?
Lack of marketability, lack of control, etc.
What are some discounts that may be applied in a qualified appraisal against the value of a complex asset gifted to charity?
When income is generated from a gift with debt, NCF must pay tax on this type of income if the debt was younger than 5 years old.
What is unrelated debt financed income (UDFI)?
1. A giver’s deduction will be reduced.
2. They might pick up some income.
3. NCF might have to pay tax on the income from the gift.
What are 3 things that can happen when someone gives property to charity that has debt?
The rule that says that you cannot enjoy a charitable deduction unless you give an undivided interest in the property to charity.
What is the partial interest rule?
The total number of years a giver has to use a charitable deduction.
What is 6 years?