Bad Karma and IRS Audits | Biz Brain

If you make large noncash donations, do your homework.(earl/ Q. I want to give away my china and crystal. The pieces sell for a high price on the reseller websites, but those same sites offer to buy the pieces for maybe a quarter of that price. If I donate, do I have to get an appraisal? Or can I just use the seller prices on the website as proof of value for the IRS? -- Downsizing A. Giving your stuff away can be a satisfying experience, especially when you can receive a substantial tax write-off. But you do have to be careful to stay within IRS rules. The general rule for noncash charitable contributions is that you must file Form 8283 "Noncash Charitable Contributions" if

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Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.


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