The recipient organization cannot do its own appraisals. That's a conflict
of interest and a red flag to even novice auditors..
From: Association for Recorded Sound Discussion List
[mailto:[log in to unmask]] On Behalf Of Leroy Barco
Sent: Wednesday, September 05, 2012 1:40 PM
To: [log in to unmask]
Subject: [ARSCLIST] IRS Donation Valuation
As I understand it, IRS puts responsibility for value estimate on the donor.
If your local thrift stores are selling LPs for $3 to $5, that's good enough
Just because "you" wouldn't pay a nickel each for them, if you can defend a
fair market value, that's what you can claim.
If the charity will accept them, you'll get a form that says you gave them
40,000 LP records. It won't say they are scratched, dirty, warped and all
Welk and Crawford.
If your local Antique Mall is selling Glenn Miller Tribute records by West
Bumcreek High School Swing Band for $15, depending on your conscience and
the knowledge of the auditor, you may have quite a tax deduction.
Best of luck! <grin>
"2). We'll give you an IRS approved tax deductible letter for the full