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Thu, 30 Aug 2001 09:05:10 -0500 |
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Kansas City Museum |
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Regarding letters to donors about assigned values: don't do it. In
order for an individual to deduct a donation's value from their income
tax return, the IRS requires an OFFICIAL appraisal. The person who does
the appraisal also has to complete a form which is an attachment to the
individual's tax return. As an interested party, the museum cannot be
one who supplies the value. Now, this does not prevent you from
assigning a general value to your own records for insurance purposes.
However, this cannot be used by the donor. The donor also must pay for
the appraisal, not the museum.
There is lots more information at the IRS website www.irs.gov
--
Lisa Shockley
Collections Technician, Union Station, Kansas City
KC Museum/Science City
Where there is Peace, there is Culture;
Where there is Culture, there is Peace.” (Nicholas Roerich)
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