IRS Cost Basis Calculation

In addition to our core Appraisal services, our team provides expertise in calculating an estimate of the original IRS Defined Cost Basis, which is a crucial aspect required for IRS Form 8283 Part 1 Section 3, box (f). Our professionals are equipped to thoroughly examine original purchase documentation, gather acquisition details from clients, and meticulously prepare a comprehensive...

Harnessing Tax Benefits: Deconstruction's Role in Promoting Reuse and Recycling in Home Renovation

In recent years, deconstruction has emerged as a powerful force driving sustainability in the construction and renovation industry. By prioritizing the careful disassembly and salvage of materials, deconstruction not only reduces waste but also contributes to the...

Deconstruction Tax Deduction Presentation

We eagerly anticipate the upcoming Build Reuse national conference in Savannah, Georgia, and hope to engage with all participants. Our team has been consistently questioned by industry members about the absence of presentations on tax deductions for deconstructed materials. We dedicate considerable time to collaborate with CPAs and tax attorneys, delving into discussions...

Deconstruction: Unlocking Tax Benefits and Fueling the Reclaimed and Reuse Industry

In recent years, the concept of deconstruction has gained significant traction not only for its environmental benefits but also for its potential to unlock tax advantages and foster a burgeoning market for reclaimed materials. Unlike traditional demolition practices that involve bulldozing structures and sending debris to...

Important Appraisal IRS Updates

Our CEO Jessica I. Marschall, CPA, ISA AM recently attended the Appraisers Association of America annual conference in Manhattan. IRS Counsel and presenters included Karin Gross, Meredith Meuwly, and Cynthia Herbert and provided critical feedback on the appraisal process. Appraisers were warned not to provide tax advice to clients. Taxpayers must retain a tax advisor...

Where to buy deconstructed materials

The market for buying used building materials can vary depending on your location. Architectural Salvage Yards, Online Marketplaces, Reclaimed Wood Suppliers, Construction and Demolition Sites, Community Recycling Centers, Local Classifieds and Yard Sales, Salvage Warehouses and Deconstruction Services. When buying used building materials, it is important to inspect the...

Form 8283: Part IV and Part V, the Appraiser, and the Nonprofit

Form 8283 is indeed a crucial form when it comes to charitable contributions made by individuals and corporations in the United States. It is used to report non-cash charitable contributions, such as property or assets, and it plays a significant role in substantiating the value of these contributions for tax deduction purposes...

Deconstruction Tax Deductions: Proceed with Caution

The IRS has recently announced that they will be concentrating staffing efforts towards High Net Worth (HNW) and pass-through entities. Individuals usually taking non-cash charitable donations are often HNW. It is critical that our clients and their CPAs and tax advisors understand the risks and the requirements...

Historic Tax Credits and Deconstruction Tax Deductions

Historic preservation and deconstruction go hand-in-hand. Our CEO Jessica I. Marschall, CPA, ISA AM, recently joined the Minnesota-based Rethos Board of Directors. With her background in tax and deconstruction tax deductions, she hopes to assist in educating others about the distinctions between historic preservation versus....

Deconstruction: The Value of the Donation

Internal Revenue Code §170 allows individuals, pass-through entities, and corporations to deduct the Fair Market Value of personal property when donated to a qualified charity or governmental organization.Individuals and pass-through entities (single member LLCs, multi-member LLCs, partnerships, S-Corps) may take the deduction on the 1040 Schedule A Itemized Deductions...

Donate Estate Property: Help Local Charities

Our team at Probity Appraisal Group and The Green Mission Inc assist our clients with estate property donations nationwide. Along with our mission to divert construction waste from the landfill, we also help clients donate valuable property to charities to further their missions. We often meet clients with a home or storage unit full of valuable property like fine and decorative...

Estate Taxes and Appraisals — Helpful Tips

After the passing of a loved one, local, state, or federal courts often request an appraisal of the decedent’s property. The inheritors and executors often face a long list of required forms and filings, which can become overwhelming. First, ensure the estate is being handled by a good attorney and CPA. Our team provides services including inventory and documentation....

NONPROFIT ~ TAXPAYER ~ APPRAISER: Understanding Each Role

The three parties to an appraisal MUST remain independent to ensure accuracy and validity of the deconstruction tax donation. We recently experienced an issue where these lines were blurred, and the taxpayer could have found themselves without a compliant appraisal.The APPRAISER contracted with the TAXPAYER...

Appraising Your Appraiser

Deconstruction is the careful dismantling of a structure with the intent to salvage and reuse the materials and property. Valuable property is kept out of the landfill reducing the construction industry’s carbon footprint and property can be reused and repurposed by providing affordably priced materials. However, deconstruction can be more costly than a simple demolition due to the additional...

Appraisers Association of America IRS Updates 2022

Our President & CEO Jessica Irving Marschall had the opportunity to attend the Appraisers Association of America (AAA) annual personal property appraiser’s conference in New York City this month. She has completed the general appraisal education courses from all three of the personal property appraisal organizations sponsoring...

COO Dankhara Joins the Reuse Minnesota Board of Directo

The Green Mission Inc’s COO, Mayur Dankhara accepted a position on the Board of Directors for Reuse Minnesota. Although based in the Washington, DC area, The Green Mission Inc. works with clients, nationwide, to encourage the deconstruction of buildings through donations to charity and tax deductions...

Three Year Anniversary for The Green Mission Inc.

The Green Mission Inc. has been working in the sustainable built environment for three years offering our clients IRS Qualified Appraisals. These appraisals are to substantiate the value of materials and property extracted during the process of deconstruction. What is deconstruction? It is the careful un-building of an architectural structure with the intent of salvaging and reusing or recycling...

Important IRS Qualified Appraisal Updates

The Green Mission Inc. and Probity Appraisal Group executives Jessica I. Marschall, CPA, ISA AM, AAA Associate Member, and Mayur Dankhara, ISA AM, LEED AP attended the ASA annual conference and left with boatloads knowledge! From the emergence of NFTs to luxury fashion value, the conference was an intellectual feast. Be on the lookout for more updates from our team...

Tax Court Disallows a Charitable Donation on a Technicality

The US Tax Court has delivered yet another loss of a non-cash charitable contribution, this time due to a technicality. In the latest case, Albrecht v. Commissioner, TC Memo 2022-531, a well-meaning donor lost the value of her entire charitable deduction for property donated to a museum due to a technicality in the written...

Deconstruction Appraisals: Critical Information for CPAs

CPAs and tax attorneys often have clients taking non-cash charitable contributions for building materials and other property incident to a home deconstruction. Deconstruction involves the careful dismantling of a structure with the intent of salvaging materials for reuse in new structures. As appraisers, we follow generally...

The Hidden Value in Your Remodel

Congratulations! You bought a gorgeous home with tall trees, and it’s in a beautiful neighborhood; it has everything you need to build a wonderful life, except the kitchen doesn’t fit your needs, and the bathroom is outdated. And let’s not forget the wall that needs to be removed. It looks like you bought a house with some demolition projects waiting to be done. Or maybe you built a new...

The Green Mission Inc. Appraisal Updates

The Green Mission Inc and Probity Appraisal Group opened our doors in September 2019. Since then, we have become industry leaders in appraisal production—substantiating non-cash charitable contributions for federal and state tax deductions. The Green Mission Inc prepares appraisals for deconstruction and architectural reuse property. Probity Appraisal Group...

Let’s Talk Mid-Century Modern Furniture

Do you own any pieces from this iconic design era? Chances are if you are a mid-century modern enthusiast, you will already know their value. But what if you inherited your relative's estate and you found some Broyhill Brasilia dining chairs? Or if you scored at the thrift store and found a Heywood Wakefield buffet? Are your pieces original or reproduction...

Renovating, remodeling, redecorating?

Renovating, remodeling, redecorating? Do you have a home full of furnishings and art your children and grandchildren do not want to inherit? Consider donating to charity for a valuable tax deduction. Charities and governmental organizations accept a wide range of property for donation. Now, for the tax savings—an individual can deduct the IRS defined Fair Market Value for donated...

American Society of Appraisers Conference Updates from Probity Appraisal Group Team

Any appraiser, whether appraising gems and jewelry, antiques, decorative art, architectural salvage, appliances, furnishings, or any other personal property, must be educated. In fact, the IRS requires education and/or experience to be considered an IRS Qualified Appraiser. Not only is initial education and training necessary...

Reimagine Holiday Shopping

Every day we hear that the supply chain for goods is currently jammed in a hopeless bottleneck. Raw materials cannot arrive to factories to be made into new products and, even when they can, shipping lanes are blocked due to labor shortages and lack of delivery infrastructure. Hence, a consequence of the Covid-19 economic recovery, without an end in sight. We are told to start our holiday...

Donating to Charity as a Preferential Tax Strategy

The current presidential administration proposes capital gain rates to increase from the maximum of 20% to 39.6% for taxpayers with earnings in excess of $1 million. This presents a great opportunity to incorporate charitable giving into tax planning. How does this work? First, the deduction for charitable contributions must be understood. Tax Treatment of Charitable Contributions...

Help to Get Your House in Order!

Mid-January is a time of truth. As momentum from New Year’s Day fades, we can begin to lose sight of the clear goals we set for ourselves only a few weeks ago. With the additional complications caused by the virus and news of emerging new strains of Covid-19, the goals you set for health, fitness, and the physical and financial order of your household may feel overwhelming. If you...

Is Your “Appraiser” Legitimate?

As the year comes to a close and you contemplate the services you may need in the coming months, you may wish to consider combining tax services with appraisal services to make the most of your charitable contributions. In this post, we will explore the advantages of professional appraisal services and walk you through the questions you should ask before hiring someone...

Donate and Be Done!

Are you aware of the tax discrepancies for assets held for more than a year or less than a year? Many taxpayers are unaware of how greatly their taxes are affected by this timeline, but recent changes to the U.S. tax code could provide you with opportunities that make stark differences in your yearly margins. Probity Appraisal Group has a range of experts able to take on the challenge...

Estate Property Donations - comparing charitable donations versus selling

The Green Mission Inc. works closely with clients who choose to donate personal property from their estate to charities. Not only does this give the property a second life, it directly impacts the lives of those for whom charities offer aid and support. Charitable purposes and missions range from providing furnishings for those moving into stable housing...

Black Friday and Cyber Monday Holiday Shopping Savings

Black Friday and Cyber Monday are presented as opportunities for savvy shoppers to score bargains for the upcoming gifting season, but the average shopper spends more money buying things less worthy of their time and investment than they would when shopping carefully and thoughtfully. Don’t get caught drowning...

Giving Tuesday with Probity Appraisal Group

Today is Giving Tuesday, a movement dedicated to unleashing the power of unified generosity. What do you plan to do to make an impact? As we have discussed in previous posts, the holiday season is a time of annual giving. Charity donation checks written between the beginning of November and the end of December make up the lion’s share of donations for most charities...

Charitable Donations During the Holidays and Beyond

The upcoming holiday season is nearly upon us! While you are ordering presents, baking cookies with family over Zoom, and fishing out your vintage Nat King Cole records from the basement or attic, take a few minutes to consider the golden opportunities Probity Appraisal Services can offer you during the next few calendar months...

Probity Appraisal Group

The Green Mission Inc (TGMI) is proud to introduce the opening of our sister company, Probity Appraisal Group. Our team at The Green Mission will continue to specialize in contracts and appraisals for waste diversion and deconstruction projects. The same heightened ethical and research standards applied to our appraisals at The Green Mission are carried forward to our Probity team...