Hi, this is Alan Olson, managing partner of Eastern Ruggable & Company. Welcome to Tax Corner. Today, I want to talk about tax deductions in reference to donating collectibles as a charitable contribution. Now, collectors who want to make donations may consider donating artwork and collector collectibles to charity auctions. If this is something you're thinking about and would like to take the full tax benefits, the following tips may help. Making donations to charitable organization auctions: 1. Make sure that you are donating to a qualified charity. The Internal Revenue Service (IRS) maintains a list of charities where donations may qualify for tax deductions. Most churches and government organizations are qualified, but all other charities have to apply to the IRS to be a qualified charitable organization. To confirm that you're donating to a qualified charity, either ask the charity directly or find out if they appear in IRS Publication 78, which contains a list of the most qualified charities. 2. Have your collectibles appraised with respect to donation. For valuable collectibles worth over $5,000, getting an appraisal from a qualified appraiser is an important step in the donation process. Even though you may or may not be required to attach the appraisal to your tax return, the appraisal fees that exceed 2% of your adjusted gross income are tax-deductible. The appraisal must be made within 60 days before the date you contribute the property. In addition, you must receive the appraisal before the due date, including extensions, of the returns on which you first claim the deduction for the property. If your artwork or collectible is worth more than $5,000, you're not required to attach the appraisal to your return, but just keep the record yourself. If you deduct $500,000 or more for the item or group of similar items, you will...
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Irs publication charitable organizations Form: What You Should Know
The IRS will determine your annual deductible contribution for your tax return.
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