The following information, summarized from Internal Revenue Service publications, provides basic guidelines pertaining to tax deductions for donors of gifts-in-kind. It is not intended to serve as a complete account of the requirements or limitations covering tax deductible gifts. Donors should consult a tax expert for specific questions about charitable deductions for gifts-in-kind.
Generally, the fair market value of a gift-in-kind is deductible. A donation within a tax year valued at $250 or more requires a written acknowledgment from the recipient. If the donation is valued at more than $5000, the donor must obtain a qualified appraisal and submit an appraisal summary with the return claiming the deduction. A copy of the appraisal must also be given to the Libraries.
Federal regulations do not permit the Libraries to give appraisals or estimates of value. Upon request the Libraries will provide a list of independent appraisers for consideration by the donor. (Consult your tax professional and see https://www.irs.gov/pub/irs-pdf/i8283.pdf).