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About Tax Map
IRS.gov Website
Publication 561
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taxmap/pubs/p561-003.htm#TXMP15fb663b
Penalty
(p11)
Penalty
You may be liable for a penalty if you overstate the value or adjusted basis of donated property.
taxmap/pubs/p561-003.htm#TXMP543c7ad5
20% penalty.
(p11)
The penalty is 20% of the underpayment of tax related to the overstatement if:
The value or adjusted basis claimed on the return is 200% (150% for returns filed after August 17, 2006) or more of the correct amount, and
You underpaid your tax by more than $5,000 because of the overstatement.
taxmap/pubs/p561-003.htm#TXMP4b514aa0
40% penalty.
(p11)
The penalty is 40%, rather than 20%, if:
The value or adjusted basis claimed on the return is 400% (200% for returns filed after August 17, 2006) or more of the correct amount, and
You underpaid your tax by more than $5,000 because of the overstatement.
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