How Can I Claim the Charitable Deduction for Donated Property?

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In order for a taxpayer to claim the non-cash donation, the record keeping requirements are:

  1. Name of the charity
  2. Date and location of the contribution
  3. Reasonably detailed description of the property contributed
  4. Fair market value and method of valuing the property (Thrift shop values, comparable sales, appraisal)
  5. Cost basis (how much did you pay for it?)
  6. If the Fair Market Value is over $5,000, then an appraisal is needed

If you have any questions regarding your dental practice claiming a charitable deduction for donated property, please contact us at bmichael@bmichaelcpa.com.