There are many ways to contribute to charitable organizations outside of monetary gifts. Donating valuable jewelry is a way to assist your favorite charities and receive a tax deduction.
Get An Appraisal
In order to accurately determine the financial value of your jewelry gift, you need to know the exact financial worth of your jewelry. Take the jewelry to a qualified appraiser to find out its appreciated value. If the worth of your jewelry exceeds $5,000, you can count the cost of the appraisal as a miscellaneous itemized deduction when you file your taxes.
Choose a Charity
Choose the charity to which you want to donate. Contact them and find out if they accept donations of jewelry. Make sure you receive an itemized receipt of your donation and information on how the donation will be used.
Receive a Tax Deduction
Consult a tax accountant for information on how to include the jewelry donation in your annual tax filings. The federal government’s regulations on how jewelry donations are deducted vary depending on how the gift is used by the receiving organization.
References and ResourcesBankrate.com: Donating Jewelry to Charity
Internal Revenue Service: Determining the Value of Donated Property: Jewelry and Gems