THE "QUALIFIED APPRAISAL" REQUIREMENT
If you are structuring a gift with a value greater than $5,000, then the IRS requires you to obtain a "qualified appraisal". If the gift is valued at more than $20,000, then a complete copy of the signed appraisal must be attached to the tax return.
For purposes of qualifying for a charitable income tax deduction, the IRS defines a "qualified appraisal" as follows:
It must be made within 60 days of the date of contribution of the appraised property.
It must be prepared, signed, and dated by a qualified appraiser.
It must describe the property and its physical condition.
It must include the date (or expected date) of contribution.
It must include the terms of any agreement or understanding entered into (or expected to entered into) by or on behalf of the donor or donee that relates to the use, sale, or other disposition of the property contributed.
It must include the name, address, and taxpayer ID of the appraiser.
It must include the qualifications of the qualified appraiser who signs the appraisal, including the appraiser's
It must include a statement that the appraisal was prepared for income tax purposes.
It must include the date (or dates) on which the property was appraised.
The FAIR MARKET VALUE of the property, and the method of valuation used to determine the FAIR MARKET VALUE.
For more information see IRS Sec. 1.170A-13 - Recordkeeping and return requirements for deductions for charitable contributions.