Charitable contribution tax deduction appraisals are our specialty. Winery & Wine Appraisals makes this process pain free. We not only provide you with the written spirits & wine appraisal report, but we also complete the additionally required Internal Revenue Service tax forms that will accompany your annual 1040 tax return. Confidentiality is required by law (Uniform Standards of Professional Appraisal Practice – USPAP). We are obligated to the very same Circular 230 laws that apply to certified public accountants and tax attorneys. We coordinate directly with only you, and or your authorized tax professionals or legal representatives.
In 2007 the IRS made dramatic changes to the United States Tax Code. These IRS tax code changes mandated that taxpayers filing their 1040 tax return must provide appraisal reports for their donated items in excess of $5,000 dollars. According to the IRS, if the value of your non-cash donated item exceeds $500 dollars and is less than $5000 dollars, then you will also be required to file certain IRS tax forms that will require the signatures of your designated recipient charity, the spirits & wine appraiser, as well as your signature. These forms will be completed by the appraiser so that your tax professional will be able to accurately prepare your annual 1040 tax return. This federal requirement remains unchanged with recent renovations made to the United States Tax Code in 2019.
If the value of your non-cash donated items exceed $5000 dollars and is valued just less than $25,000.00 dollars in value then you will also be required by the IRS to obtain a Charitable Contribution Tax Deduction Appraisal report from a qualified appraiser. However, while the IRS requires you to hire your choice of qualified spirits and wine appraisers for this process, you are not required to submit your copy of the spirits & wine appraisals report to the IRS since the value falls below $25,000.00 dollars.
If the value of your non-cash charitable donations exceeds the $25,000.00 dollar threshold, then the IRS does require you, and or your designated tax professional, to submit a copy of the Charitable Contribution Tax Deduction Appraisal report and accompany your annually filed IRS Form 1040 tax return. Please contact your tax professional and or the Internal Revenue Service should you require additional information and assistance.
Winery & Wine Appraisals provides additional wine expert services that benefit our clients. Our dossier of professional services brings our clients peace of mind in preserving their valued spirits & wine collections. We also provide invaluable consulting services where pending insurance loss claims and or other legal issues are concerned. Wine expert Tom DiNardo provides these services and more.