Form 8283 Appraisals

Article ID: 58970  

Question
Form 8283 Appraisals

Answer

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.

Exceptions 

 

1. A qualified vehicle (including a car, boat, or airplane) if your deduction for the vehicle is limited to the gross proceeds from its sale and you obtained a contemporaneous written acknowledgment;

2. Intellectual property (as defined earlier);

3. Publicly traded securities and certain securities considered to be publicly traded (as defined in Which Sections To Complete, earlier); or

4. Inventory or property held primarily for sale to customers in the ordinary course of your trade or business


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Views: 1625 Created on: Jun 15, 2013