IRS Final Rule Cites the Uniform Standards of Professional Appraisal Practice 

The U.S. Treasury Department and IRS released for publication in the Federal Register final regulations (T.D. 9836) concerning the substantiation and reporting requirements for cash and non-cash charitable contribution deductions.

Today’s release finalizes regulations that were proposed in 2008, with certain changes.

The final regulations provide:

• Substantiation requirements for noncash contributions of more than $500 under section 170(f)(11)(B) through (D) (added to the Code by legislation enacted in 2004)
• Definitions of “qualified appraisal” and “qualified appraiser” for noncash contributions under section 170(f)(11)(E) (added to the Code by legislation enacted in 2006)
• Substantiation requirements for contributions of clothing and household items under section 170(f)(16) (also added in 2006)

Click here to read offical release of regulations.