July 3, 2009, Newsletter Issue #156: You May Need to Get Your Donated RV Appraised
Tip of the Week
If you plan to donate an RV to charity -- and your RV is worth more than $5,000 -- you may need to get a written appraisal.
The appraisal has to be done less than two months before you make the RV donation, and you need to have a copy of the RV appraisal when claiming a deduction for the RV donation.
If the charity resells your RV for less than $5,000, you do not need the appraisal and cannot list that value on your taxes.
You will be required instead to list the gross proceeds from the sale as the value of your deduction.
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