Writing off donations...

Guru

I've seriously thought about donating my "junk". How would you go about submitting prices for those cards to write off on your taxes?

pswebauctions

PM sent

VikingDude

Assuming your "junk" would be commons and other low priced stuff, my advice is keep a list of what you give and it's estimated Fair Market Value (based on what you'd reasonably expect to get if you sold them outright). For example, if your "junk" is a Maris rookie that went through the washer, don't put Fair Market Value of $400.

And of course pay attention to your limits on what you can donate - may want to divide between years.

leftofdial

And keep each individual donation under $250. Otherwise it's a different form to fill out. Take a pic or have a copy of the inventory to back up your claim should you ever be questioned. It will get tedious to value $1 or under cards, but the more you document, they better you'll come out if looked at. And like other posters said, make sure to stay with realistic prices on the values. It's a great idea, you will get a slight tax break and get rid of clutter that you probably won't miss, and somewhere, some kid might get into card collecting becuase of where they end up.

leathtech

Please post if you have found somewhere to donate... I would also like to "donate"

Wondo

<< <i>Please post if you have found somewhere to donate... I would also like to "donate" >>



I donate to the local children's home. The folks there tell me the cards make great Christmas gifts and incentive prizes for the kids.