Appraisal and donating a collection

[Chuck Guzis]

On 11/22/2005 at 11:54 AM Tony Eros wrote:

>>From what I'm reading though, it looks like I will need to get the
>collection appraised in order to properly take advantage of the tax
>benefits.
>
>Has anyone on the list had experience in this area?  How do I go about
>getting my collection valued?

It depends a lot on the size and valuation of your collection and its
relationship to your overall tax bill.  IOW, I've done perfectly legitimate
cash donations to 501(c)3's  and got audited anyway.

If the valuation is modest, simply get a receipt from the organization that
calls out the amounts as they see them.    Quite honestly, old computer
gear is one of those things that it's impossible to place an objective
value on.  The best thing is for the recipient of your largesse to value it
at what they figure it would cost to otherwise acquire.

Also, remember that the tax deduction for donations can be amortized over 5
years, so don't be in a big hurry to take the writeoff in one year.  You
want to avoid annoying those darned IRS computers.

Cheers,
Chuck