All material gifts to the University of Wisconsin-Milwaukee Libraries are considered noncash charitable donations. Persons thinking of donating large numbers of books to the library often wish to know about the tax status of their gift and are frequently interested in having their gift appraised for tax deduction purposes. Any such tax deduction over $5,000 requires a professional appraisal, within sixty days prior to the donation, which is the donor’s responsibility, the cost of which is tax deductible. Because the Internal Revenue Service regards us as an interested party, the library is itself unable to provide appraisals; however, we will be glad to assist you in locating a professional appraiser. It is advisable to consult a tax advisor, as the tax code regarding charitable donations is revised frequently. You may also want to take a look at the Internal Revenue Service website.
IRS publications relevant to charitable donations:
- Form 8283 – Noncash Charitable Contributions
- Instructions for Form 8283
- Publication 526 – Charitable Contributions
- Publication 561 – Determining the Value of Donated Property
Currently, a taxpayer must file Form 8283, “Noncash Charitable Contributions,” Section A, if the fair market value of the donation exceeds $500. If a deduction of more than $5000 is claimed for an item or a group of similar items donated, the taxpayer must also complete Section B of the form. Please consult the IRS website for detailed information.
Please note: once your gift enters our processing workflow, we can no longer accommodate an appraiser; therefore, if you are considering a tax deduction and wish to have your collection appraised, you should do so prior to making the donation.