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Numismatic Donation For Tax Deduction

 
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Author Previous TopicReplies: 5 / Views: 215Next Topic  
Pillar of the Community
Canada
557 Posts
 Posted 03/29/2021  4:16 pm Show Profile   Bookmark this topic Add Cdncoins to your friends list Get a Link to this Message
Well it's that time of year again - income tax time. This got me thinking, has anyone donated coins or other numismatic material to a charity and deducted it on their taxes? I have never done this. It's probably a hassle for the charity to sell the item to get cash, but I'm sure they won't mind if the item is of high enough value. If you did, what source did you use to assign the item a value?
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United States
98038 Posts
 Posted 03/29/2021  4:33 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
Nope. I would probably sell myself and donate the cash. I would be afraid the recipient would not get full value otherwise.
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Canada
3852 Posts
 Posted 03/29/2021  6:29 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
Give Cash or Cheque Only to a REGISTERED Charity ( Listed on CRA website )
Get a proper receipt!
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United States
98038 Posts
Pillar of the Community
United States
1037 Posts
 Posted 04/08/2021  2:07 pm  Show Profile   Bookmark this reply Add Ballyhoo to your friends list Get a Link to this Reply
In Pennsylvania, all that I need is a signed statement with the 501c number from the representative of the charity it is donated to, including what items and their declared value. My accountant files them and I get it back. I usually donate several times a year to local EMS, police and fire through their women's auxillaries.
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Edited by Ballyhoo
04/08/2021 2:14 pm
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Canada
3852 Posts
 Posted 04/08/2021  2:23 pm  Show Profile   Check Pacificoin's eBay Listings Bookmark this reply Add Pacificoin to your friends list Get a Link to this Reply
The original post was Canadian in nature , CRA rules are much different than IRS rules concerning
donations . My wife is USA citizen , we deal with both every year .
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