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Donating cards to charity as a tax deduction?
I have heard of some folks in the hobby donating commons or just some
stuff that they don't want anymore to charity. Then they can deduct the donation from their taxes using beckett pricing. (for example .05 per common on '87 Topps baseball) I have finally decided to try this and I found a local charity that will accept the cards. I have over 70,000 cards to donate, so it would be a nice sized deduction. I am wondering if anyone else has done something like this before and if so do you have any advise? Interested in your thoughts, Mike ...Mike Fachman My Trade list can be found at: http://community.webtv.net/MikeFachm...hmansTradePage |
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#2
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My advice: Talk to an accountant.
Mike Fachman wrote: : I have heard of some folks in the hobby donating commons or just some : stuff that they don't want anymore to charity. Then they can deduct the : donation from their taxes using beckett pricing. (for example .05 per : common on '87 Topps baseball) : I have finally decided to try this and I found a local charity that will : accept the cards. I have over 70,000 cards to donate, so it would be a : nice sized deduction. I am wondering if anyone else has done something : like this before and if so do you have any advise? : Interested in your thoughts, : Mike : ..Mike Fachman : : My Trade list can be found at: : http://community.webtv.net/MikeFachm...hmansTradePage |
#3
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"Mike Fachman" wrote in message
... I have heard of some folks in the hobby donating commons or just some stuff that they don't want anymore to charity. Then they can deduct the donation from their taxes using beckett pricing. (for example .05 per common on '87 Topps baseball) I have finally decided to try this and I found a local charity that will accept the cards. I have over 70,000 cards to donate, so it would be a nice sized deduction. I am wondering if anyone else has done something like this before and if so do you have any advise? Interested in your thoughts, Mike ..Mike Fachman My Trade list can be found at: http://community.webtv.net/MikeFachm...hmansTradePage This comes up every so often concerning common cards, stamps, etc. It is my understanding that a charitable contribution deduction is taken at the lower of cost or market value. The IRS knows there's a difference between book value and market value of collectibles, and is also aware that lower value items sell for a fraction of book. People who claim full book for commons are taking a risk - if the IRS doesn't question or audit them, they'll get away with it. If disputed by the IRS, you'd need to provide proof of actual value claimed, and would almost certainly be denied that large of a deduction. There could also be some concern over fraud. Also keep in mind that a deduction that large (over $500) would require providing details such as original price, how it was acquired, who it was donated to, and a description. If you claimed $3500 in trading cards, it could send them a red flag. Bottom line, others may be doing it & getting away with it for now, but I would take a more reasonable deduction - what they would actually sell for. This should be more within the letter & intent of the law. Oh, and it appears the IRS has begun random audits again on non-red-flagged returns. The above is just my opinion & should not be taken as legal or accounting advice. As someone else mentioned, just ask an accountant. Or read the IRS publication 561 on valuing charitable contributions. Scott out. |
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