How to Donate Land to a Charity for a Deduction
- 1). Estimate the amount of the deduction. In general, the deduction is the fair market value as assessed by the appraiser.
- 2). Obtain a qualified appraisal. This is because most gifts of land have values over $5,000. An appraisal is needed in order to claim a tax deduction. Hire an independent, qualified appraiser.
- 3). Fill out and sign IRS Form 8283. This must also be signed by the appraiser and submitted with the donor's federal income tax return.
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