I have thousands of cards to donate. What percentage of book value can I use as a tax deduction.
Any help would be appreciated.
Thanks, Bob
Any help would be appreciated.
Thanks, Bob
Donation question
- Thread starter Bobby813
- Start date
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I dunno about cards. When I donated my comics to B&G Club, I used cover price. I'd assume you could use book value for the donation, so long as you get a receipt from wherever you're donating them to. You might ask at the donation center how they figure that stuff up.
Probably go with low BV to be safe........
IRS=Spooky
IRS=Spooky
Thanks guys.
Must also be able to itemize your deductions on Schedule A. Best regards, David PS forms and publications at IRS.com
First, you can take a tax deduction for any donations to a tax exempt organization; mostly 501(c)(3), but some others. It must be listed here. https://www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check
Second, in most cases, the value of the deduction is limited to what you paid for the cards, or what they are worth now, whichever is less. If you received them as an inheritance, the deduction value is the value on the date of death of the previous owner, or their current value, whichever is less. If you received them as a gift, the value of the deduction you can claim is the prices the original owner paid, or the current value, whichever is less.
However, if you donated them to an organization that will keep them and use them for the purpose of the charity, you can claim the current value even if the current value is more than you paid. For example, donating baseball cards to a baseball museum, or donating game cards to a game museum.
If the total claimed value is more than $5000, you need a qualified appraisal, and a form 8332 signed by the appraiser and by a financial official of the charity.
Second, in most cases, the value of the deduction is limited to what you paid for the cards, or what they are worth now, whichever is less. If you received them as an inheritance, the deduction value is the value on the date of death of the previous owner, or their current value, whichever is less. If you received them as a gift, the value of the deduction you can claim is the prices the original owner paid, or the current value, whichever is less.
However, if you donated them to an organization that will keep them and use them for the purpose of the charity, you can claim the current value even if the current value is more than you paid. For example, donating baseball cards to a baseball museum, or donating game cards to a game museum.
If the total claimed value is more than $5000, you need a qualified appraisal, and a form 8332 signed by the appraiser and by a financial official of the charity.
Thanks to all.
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