If you cannot or do not wish to sell your jewelry, you may consider donating the item to a qualified charity or institution, where the fair market value of the item may be taken as a deduction to lower your federal income tax for that year. If you donate to an auction, to raise funds for a qualified charity, usually the IRS limits your deduction to the high bid, even if you paid more for the item originally. If you donate jewelry to an institution that will use your pieces in the normal course of its business, like a university metal smithing or gemology department, the IRS requires a fair market value appraisal in order to provide you with a deduction. This report is complex and must comply with IRS rules related to both research and the form of the report, which you attach to your federal income tax filing.
Jun 25, 2017 | TOM TIVOL
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May 3, 2017 | TOM TIVOL