Quote:
Originally posted by Nic
Yea, I was quite surprised to learn that, too. Yet, the museum has agreed to come with a crew, remove it from the wall and handle all shipping and packing. We will then get a nice non-profit tax benefit where we get to write in our estimated value of the items donated.
It's a win-win situation. AND they are going to take that bar too!
Nic
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Am glad this is working out for you and the museum! Word to the wise, I've been in the non profit sector and you need to be aware of a couple things concerning write offs..........you only get a % of the value of the item(s) donated.
In other words, if your tax bracket is 25% and the item was valued at $100 then you can deduct only $25 See what I mean? Check with your tax preparer, don't take just my word for it (everyone's situation is always a little different) but it's a all too common a mistake for people to think that they're going to receive a full price write off.
Another thing, any donations valued at over $5,000 will need a professional appraisal, something that for the most part you want to avoid (unless the item is really worth a lot of dough).
The appraisal will cost something and either you or the charity will need to cover this. More importantly, it raises a potential red flag with our fiends, er, friends at the IRS.
Anthony