Publication 561

Publication 561

A form published by the IRS explaining how to determine the value of a property that has been given for free for tax purposes.
References in periodicals archive ?
For further assistance, taxpayers should review IRS Publication 561, Determining the Value of Donated Property.
IRS Publication 561 contains additional information concerning valuation and appraisals, and Regs.
IRS Publication 561, Determining the Value of Donated Property, lists 11 points of information that each appraisal must contain.
Publication 561 offers instructions about calculating gifts of in-kind contributions or noncash donations and Publication 8283, substantiates more valuable in-kind contributions.
IRS Publication 561, "Determining the Value of Donated Property," includes a section specifically devoted to donations of cars, boats, and aircraft.
IRS Publication 561, entitled "Determining the Value of Donated Property" (available at www.
Publication 561 provides additional guidance for valuing "hobby collections," including "natural history items.
org/page/guest/about) tell contributors to contact a local Goodwill store for information, to compare donations with similar items in the stores, or to check IRS Publication 561.
170A-1(c)(2); see also IRS Publication 561, Determining the Value of Donated Property].
Donors may refer to IRS Publication 526, Charitable Deductions, and IRS Publication 561, Determining the Value of Donated Property, to help them determine the fair market value of the donation.