You must have a written appraisal from a qualified appraiser that supports the information. However, see the Exceptions below.
Generally, you do not need to attach the appraisals but you should keep them for your records.
You do not need a written appraisal if the property is:
- Nonpublicly traded stock of $10,000 or less,
- A vehicle (including a car, boat, or airplane) if your deduction for the vehicle is limited to the gross proceeds from its sale,
- Intellectual property,
- Certain securities considered to have market quotations readily available (see Regulations section 1.170A-13(c)(7)(xi)(B)),
- Stock in trade, inventory, or property held primarily for sale to customers in the ordinary course of your trade or business, or
- Inventory and other property donated by a corporation that are "qualified contributions" for the care of the ill, the needy, or infants, within the meaning of section 170(e)(3)(A).
Although a written appraisal is not required for the types of property listed above, you must provide certain information in Part I of Section B (see Regulations section 1.170A-13(c)(4)(iv)) and have the donee organization complete Part IV.
The appraisal must be made by a qualified appraiser in accordance with generally accepted appraisal standards.
The appraisal must be made not earlier than 60 days before the date you contribute the property. You must receive the appraisal before the due date (including extensions) of the return on which you first claim a deduction for the property. For a deduction first claimed on an amended return, the appraisal must be received before the date the amended return was filed.