Brook Hill Farm, a non-profit horse rescue organization, exists to provide rehabilitation focused services and safe haven for unwanted horses, as well as offers a therapeutic riding program for personal growth and equine education for the community

How To Take a Tax Donation

Brook Hill Farm is an official, qualified 501 (c)(3) non-profit organization. Horses that are donated are used in connection with the charitable purpose for which the charity was formed. Full information on this subject may be located in Section 170 of the Internal Revenue Code. As a general rule, you can deduct the fair market value of a horse to a charitable organization if:

1) The donation is made without expectation or receipt of a financial or economic benefit in return
2) The horses will be used by the charity in connection with its charitable purpose
3) The horse was held by the donor for sporting, breeding, or draft purposes for 24 months prior to the donation.

The records required for a tax donation are:

1) The name and address of the charity
2) The date of donation
3) The location of the donation
4) Detailed description of the horse
5) The fair market value of the horse, and method used to determine the value. If the value is less than $5000., an acknowledgement from the charity must be given
6) If more than $5000: IRS form 8283 provided by the donor must be completed and filed with the IRS. Included should be attached an appraisal summary. This is made on Schedule B IRS Form 8283, and needs to be signed and dated by the charity, signed and dated by the qualified appraiser, and contain information specified in Schedule B relating to the donor, the horse, the donee, and the appraiser. A qualified Appraisal must be completed within 60 days of the donation. It should include: The description of the horse The physical condition of the horse Expected date of donation The terms of agreement on use of the horse Identity, qualifications of the appraiser including background, professional memberships, education, etc. A statement that the appraisal is being done for income tax purposes The date of appraisal The appraised value of the horse Method of evaluation Specific basis for evaluation.