Donation - Tax Implications

dalew

I donated my Mel Harder (Baseball) Master Set to the City in which I live because the man lived her, named a Baseball Park after him, and they have put it in a display case.

In addition to the Mel Harder Master Set I've also donated:

#18 - His game used baseball bat;
His 1960 Indians Baseball Cap - #43 - Pitching Coach;
23 Signed Baseballs;
His signed baseball mitt from the 1930's;
Ticket Stub of Him Pitching at League Park;
Letters written by him about Gehrig, Ruth, DiMaggio;
His wifes 1957 Seasons Pass to Cleveland Stadium;
and the list goes on.
Lots of wire photos;
A signed Cleveland sky line plate from the 1930's;
A Signed bobble head;
A Signed baseball bat;
and the list goes on and on.

I didn't have it appraised before I donated it.

Can I take a tax deduction on any of these items without an appraisal?

I have an article from the Newspaper about the donation and a signed Resolution.

Thanks,

Dale

Griffins

That was really nice of you to donate that so everyone can share in the pride of having Mel Harder growing up there.
As far as tax advice, the only thing that counts is what your CPA tells you. They more than pay for themselves, and I don't think the advice of a bunch of collectors with a variety of professional backgrounds can replace that- especially when none of us are signing your tax return.
Did you take pictures of the installation? I'd like to see them here, and I'm sure it's a good idea for your tax records as well.

joemaggio

I agree completely with the previous post. I will add that in the past the IRS cut-off for a non-cash charitable deduction has been $5000 - that is, a collection valued at $5K or more must have an appraisal. A collection valued below $5K required only a receipt.

All non-cash charitable deductions require you to file form 8283 - Non-Cash Charitable Deductions. Go www.IRS.gov and look at Form 8283 for more information.

gregm13

<< <i>I agree completely with the previous post. I will add that in the past the IRS cut-off for a non-cash charitable deduction has been $5000 - that is, a collection valued at $5K or more must have an appraisal. A collection valued below $5K required only a receipt.

All non-cash charitable deductions require you to file form 8283 - Non-Cash Charitable Deductions. Go www.IRS.gov and look at Form 8283 for more information. >>



Agree w/ Joe Dimaggio. You NEED an appraisal - guaranteed the IRS will ask for it. Do you know a dealer who will write an appraisal for you?

Regards,

Greg M.

MCMLVTopps

my 2 cents...

All info given to you is correct. I would suggest you get photos and a COMPLETE list of what you donated from the donor on their stationary. Once you complete the Form 8283, you will be wise to have as much back-up documentation as possible, the more the BETTER. You may need an overall appraisal, but only a tax pro can help you here...it may be well worth the cost to get some definitive answers. Remember, more is better. Because of the magnitude of what you donated, it may do you well to have the items appraised, but I'm not sure how you'd do that now that the items are no longer in your posssession. It appears you gave a ton of one-of-one items...could be a major sum of money here. You may try to temporarily recover the items to complete the appraisal...dunno.

Pretty classy move to make such a very nice donation. You should be very proud of yourself for honoring this man as you have!! A big-time salute from me!!!

Al

Ichiro51fan

Good advice above... for something of this magnitude, I would definately get an appraisal. I honestly don't know who you would be able to come up with a sum to deduct without it anyway, but if it's anywhere close to the amount that I think it may be, you are going to have to have the appraisal anyway (I beleive it has to be attached to your tax return but I'm not 100% sure about that). I've only donated tons of commons to charities but that is much more straight forward to account for... figure cost, document it, take pictures, get a receipt... done.

I absolutely agree about consulting with a CPA or tax professional on this one. If you look around a bit, it won't cost you a ton of money and I wouldn't be surprised if you extra money you spent on a CPA would be more than recouped by the extra tax break he/she could identify... not to mention your peace of mind. Although I am an accountant myself, I do not specialize in tax accounting. What I can tell you though is that there are still very creative (yet totally legal) ways to maximize your deductions. Let's say that your donation exceeds a certain yearly cap... well, maybe you can re-work the deal to say that some of the items were donated and others were just "on loan". Then, you could technically "donate" those next year and therefore realize additional deduction $$$. Again, any tax pro worth their salt will know all of these details and should be able to help through this nicely.

In my mind, someone that is this generous should receive as much tax break as possible. Kudos to you!

gregm13

I'm a CPA if you want to discuss. As stated before, the IRS will ask that you substantiate the amount claimed as a charitable deduction. It's one of the top 5 audit issues for the IRS every year.

Regards,

Greg M.

jvineyard

You should also talk to a CPA about whether a donation to a municipality - rather than a charity - is deductible.