diff --git a/includes/entity.inline_entity_form.inc b/includes/entity.inline_entity_form.inc
index 7b3891d..e8f00d5 100644
--- a/includes/entity.inline_entity_form.inc
+++ b/includes/entity.inline_entity_form.inc
@@ -89,6 +89,9 @@ class EntityInlineEntityFormController {
    *   - formatter: The formatter used to display the field, or "hidden".
    *   - settings: An array passed to the formatter. If empty, defaults are used.
    *   - delta: If provided, limits the field to just the specified delta.
+   *   Special keys for type 'property', both optional:
+   *   - formatter callback: A formatter callback used to display a property.
+   *   - formatter arguments: Extra arguments to pass to the formatter callback.
    */
   public function tableFields($bundles) {
     $info = entity_get_info($this->entityType);
diff --git a/inline_entity_form.api.php b/inline_entity_form.api.php
index 2401407..5df63aa 100644
--- a/inline_entity_form.api.php
+++ b/inline_entity_form.api.php
@@ -68,13 +68,15 @@ function hook_inline_entity_form_settings_alter(&$settings, $field, $instance) {
  *   - type: either 'property' or 'field' to specify how the data is defined on
  *     the related entity.
  *   - label: the title of the table field's column in the IEF table.
- *   - sanitized: for 'property' type table fields, a boolean indicating whether
- *     or not the data has already been sanitized for output; if not present or
- *     FALSE, theme_inline_entity_form_entity_table() will sanitize the data for
- *     output using check_plain().
- *   - formatter: for 'field' type table fields, the machine-name of the display
- *     formatter to use to render the field data.
- *   - weight: the sort order of the column in the IEF table.
+ *   - weight: The position of the field relative to other fields.
+ *   Special keys for type 'field', all optional:
+ *   - formatter: The formatter used to display the field, or "hidden".
+ *   - settings: An array passed to the formatter. If empty, defaults are used.
+ *   - delta: If provided, limits the field to just the specified delta.
+ *   Special keys for type 'property', all optional:
+ *   - formatter callback: A formatter callback used to display a property.
+ *   - formatter arguments: Extra arguments to pass to the formatter callback.
+ *
  * @param $context
  *   An array with the following keys:
  *   - parent_entity_type: The type of the parent entity.
diff --git a/inline_entity_form.module b/inline_entity_form.module
index 70935fb..cf4b939 100644
--- a/inline_entity_form.module
+++ b/inline_entity_form.module
@@ -1655,9 +1655,26 @@ function theme_inline_entity_form_entity_table($variables) {
       $data = '';
       if ($field['type'] == 'property') {
         $property = $wrapper->{$field_name};
-        // label() returns human-readable versions of token and list properties.
-        $data = $property->label() ? $property->label() : $property->value();
-        $data = empty($field['sanitized']) ? check_plain($data) : $data;
+        // Handle formatter callbacks for properties.
+        if (isset($field['formatter callback']) && is_callable($field['formatter callback'])) {
+          $arguments = array($property->value());
+          // If the 'formatter arguments' key is defined, the property value
+          // will be the first argument to the formatter, while the other
+          // arguments will be appended.
+          if (isset($field['formatter arguments']) && is_array($field['formatter arguments'])) {
+            $arguments = array_merge($arguments, $field['formatter arguments']);
+          }
+          $data = call_user_func_array($field['formatter callback'], $arguments);
+        }
+        else {
+          // There's no formatter callback. The $property->label() method
+          // returns human-readable versions for properties that have an
+          // 'options list'.
+          $data = $property->label();
+          if (!$data) {
+            $data = $property->value(array('sanitize' => TRUE));
+          }
+        }
       }
       elseif ($field['type'] == 'field' && isset($entity->{$field_name})) {
         $display = array(