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He said experienced tax practitioners he hired declared he could take a deduction on the personal tax returns he and his wife filed for 2005 and 2006, so long as professional appraisals set the values.
In addition to imperatives such as lenders in need of independent appraisers to accurately value the collateral against which they risk large sums of money as real estate loans, the law requires professional appraisals to be performed in real estate transactions.
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A professional appraisal may be required.
He stroked his ears with an air of professional appraisal.
Seeking pricing advice from real estate agents or paying $250 to $500 for a professional appraisal are options.
For a professional appraisal, I called Robert Durgy, a horticultural diagnostician at the University of Connecticut, in Storrs.
Add to that the $350 fee for professional appraisal of our house, the $221 for specialised help from an expert accountant and the hours spent on minutiae like cataloguing household furniture, estimating the value of used dresses, determining when my beloved "established legal residence" in our state and getting an estimate of the resale value of my battered pickup truck.
As I am sure other colleagues have experienced, my writing was not taken into account in my professional appraisal while I was a scientific researcher.
However, items worth more than $500, regardless of condition, can be claimed if you include a professional appraisal with your tax return.
If you made the donation on Aug. 18 or later you can't claim a deduction unless it was worth more than $500 and you get a professional appraisal attesting to that fact before filing your 2006 tax return.
A professional appraisal is best, but written statements from a few Realtors will do as long as they agree on the value and stipulate how much is attributable to land and how much to the building.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com