Be sure to read the instructions to tax forms!

Be sure to read the instructions to tax forms!

The Tax Court has denied charitable contribution deductions for more than $18 million worth of real estate because the donors did not comply with the qualified appraisal requirements of Form 8283 reporting the gifts on their income tax returns. Joseph Mohamed, a real estate broker, certified appraiser and entrepreneur who made a fortune in real estate in California, admitted that he had not read the instructions to the Form before filing evaluations based on his own estimate of value.

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