Tax and Appraisal Information for Donors

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Although, gifts to Barret Library are tax-deductible, by law the Library is not allowed to assign values to gifts-in-kind. If the claimed annual non-cash charitable contribution of a donor exceeds $500, IRS Tax From 8283 must be filed by the donor. For gifts valued at more than $5,000, the IRS requires an appraisal by a “Qualified Appraiser”, if the donor wishes to take a tax deduction for the value of the gift. Appraisals are solely the responsibility of the donor, and must be completed before the accepted collection is delivered to the library. Prospective donors are strongly encouraged to consult with legal, tax, and/or financial advisors before making a sizable gift.