Little Known Resources for Donations that Help with Taxes too

Did you know that you may be able to take tax deductions for donations for personal items such as Cars, Boats, RV’s, Jewelry, Collectibles, Stocks, Bonds and Real Estate? 

I have had the great fortune to work with the Helping Hands Foundation of America https://www.helpinghandsofamerica.org/ in Wrentham MA to help their charitable partners by accepting donations of this kind. They take donations of these kinds to benefit a list of four charities that you can select from. They help you as the donor, but they also help with the process and the documentation that the IRS needs. Please check with your accountant before proceeding. 

If you donate a Vehicle, RV or boat they may even be able to make the pickup for you. The benefits of donating means that you are helping a charity and saving yourself time and effort. Here are some benefits: 

•  Your vehicle donation may be worth more as a tax deduction than as a trade-in.
•  You will avoid the costs, time, and responsibility (i.e. Lemon Law) of trying to sell it for yourself.
•  Avoid the hassle of having people come to your home or office to view your vehicle.
•  All your personal information (i.e., telephone number, address, etc.) is held in strict confidence and is the sole property of the charity. We do not sell your personal information to third parties, i.e. mailing lists, telemarketers, etc. 
• You will feel good knowing that portions of funds raised from the liquidation of your item will go to people in need.

Most people are aware of car donations but not jewelry or collectible donations. The IRS has very careful rules regarding these donations. Here is a link to the tax code from the IRS: https://www.irs.gov/appeals/art-appraisal-services. In general, jewelry and collectible donations valued $5000 must be listed on the IRS form 8283 as  “Non-Cash” Charitable donations. Anything valued at $5000 or over must be a qualified appraisal signed and dated by a qualified appraiser is required. 

A qualified appraisal is an appraisal document that:

Is made, signed, and dated by a qualified appraiser in accordance with generally accepted appraisal standards. 

So if your children don’t share your same taste in art or don’t want that costume jewelry collection, you may consider taking a non-cash charitable deduction on behalf of the charity. 

As always, please consult your tax attorney to see if this could benefit you. 

We are always here to help. Reach out to us 401-965-2005 or find us on the web at courtenay.clifford.com

View More Information With Our Free EBook! Click The Link For More Information: https://designrr.site/?i=vhvs&t=b4a618