Getting TV and Radio ready for sale

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

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