Tax deductions & Wedding Ring?
May 7th, 2010If I were to donate a wedding ring to goodwill (or something similar) would it be tax deductible based off the original purchase price, the current appraised value, or the value they are able to auction the item for? Also does anyone know of any good sites/companies that deal with jewelry donations?
I still have the original purchase receipt and can get an appraisal for current value.
Replys
It would be tax deductible(get a receipt from Goodwill when you donate it).
If it has "high value," you may need an appraisal to support the deductions. Otherwise, it would go by "thrift value," the value a similar item is sold for in Goodwill.
you can deduct the value of the ring. Do you have your receipts. Most like it will be current value (that what i got for donating my old car).
The value of old jewelry is minimal and charity thrift stores don’t really deal in that kind of merchandise. Why not offer it on eBay and give the sale proceeds to charity.
You would need to establish the current market value on the date that you donate the ring. That would be done by an appraisal if the ring is of high value or what similar rings are sold for in thrift store if of a lesser value.
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