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Date: | Thu, 12 Jul 2007 17:46:13 -0500 |
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The IRS will accept valuations up to that level without a written appraisal. That doesn't mean you as a Museum are allowed to place that value on the object. It would still be a conflict if the IRS ever looked at the individual's tax return. You can't appraise items given to you as it is seen as a red flag by the IRS. Most donors will understand this when it is explained to them.
The donor can get a verbal appraisal, or place the value themselves. It still has to be an accurate valuation.
Dane F. Pollei
Director
Mabee-Gerrer Museum of Art
1900 W. MacArthur Dr.
Shawnee, OK 74804
direct office: 405-878-5622
phone: 405-878-5300
fax: 405-878-5133
[log in to unmask]
www.mgmoa.org
---------- Original Message ----------------------------------
From: Susan English <[log in to unmask]>
Reply-To: Museum discussion list <[log in to unmask]>
Date: Thu, 12 Jul 2007 16:52:08 -0500
>We are being offered a local history photograph collection. We told the
>prospective donor that he would have to have an appraisal done if he wanted
>to deduct the value of the collection on his taxes. We got 3 appraisers
>through research of the Society of Appraisers website. One the appraisers
>told our prospective donor that the museum could value the collection up to
>$5000 without the need for getting a professional appraisal. Neither my
>curator or myself had ever heard this. We are very leery of valuing a
>person's donation for tax purposes.
>
>
>
>Has anybody else had experience with this?
>
>
>
>
>
>Susan English
>
>Executive Director
>
>Joliet Area Historical Museum
>
>204 N. Ottawa St.
>
>Joliet, Illinois 60432
>
>(815) 723-5201 ext. 222
>
> <http://www.jolietmuseum.org> www.jolietmuseum.org
>
>
>
>
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