Appraisal Tax Benefits
The process of qualifying for the tax benefits of deconstruction:
- You can choose to give the donation to any qualified 501(c)3 charity. The IRS maintains a list of eligible charities on its website: www.irs.gov.
- For any donation over $5,000, the IRS requires an appraisal.
- A deconstruction firm that can dismantle the structure must be retained. Most non-profit firms either complete the deconstruction themselves or maintain a list of qualified firms.
- Once the deconstruction is complete, you will receive the appraisal and the signed 8283 form to be forwarded to your tax accountant for inclusion in your tax return.