Charitable contribution tax deduction appraisals can be an arduous process. 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 forms that will accompany your 1040 tax return. Confidentiality is required by law, and 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 which mandated that taxpayers provide appraisal reports for their donated items along with their 1040 tax return. 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 require the signature of the designated appraiser along with your completed 1040 tax return. This federal requirement remains unchanged with recent renovations made to the United States Tax Code in 2018.
If the value of your non-cash donated items exceed $5000 dollars and is valued up to $25,000 dollars in value then you will also be required by the IRS to obtain an appraisal report from a qualified appraiser. Strangely enough, while the law requires you to hire your choice of qualified spirits and wine appraisers, you are not required to submit your copy of the liquor appraisals or wine appraisals report to the IRS.
However, if the value of your non-cash donated items exceeds $25,000 dollars in value then you will required submit a copy of the qualified appraisal report with your federal 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 array of professional services creates an powerful impact on our client spirits & wine collections, and other pending professional and or legal issues.