The following requirements must be met:
- The property must have been created by the personal efforts of the taxpayer at least one year prior to the date contributed. The creation of this property cannot be related to the performance of duties while an officer or employee of the United States or any state or political division thereof.
- The contribution must be made to a qualified organization.
- A written appraisal of the fair market value of the property must be made by a qualified independent appraiser within one year of the date of the contribution.