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QAAO stands for Qualified Appraisal and Appraisal Option, which is used in the context of reporting non-cash charitable contributions.
Taxpayers who claim a charitable deduction for non-cash contributions exceeding a certain amount are required to file QAAO.
To fill out QAAO, gather information about the contributed assets, obtain a qualified appraisal, and complete the required forms with the necessary details.
The purpose of QAAO is to certify the fair market value of non-cash charitable contributions in order to support tax deductions.
The information required includes a description of the property, the date of the contribution, the appraised value, and details about the appraisal.
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