Where To Donate Collection

Asking about the app derails the OP's thread. Your, NKS, question is worthy but belongs in its own thread.

Edited to add:




Of course a spread sheet is nothing until it organizes the underlying information upon which tax determinations are made. Then it becomes a tool, no more, no less.

Just to clarify my earlier comments, the spreadsheet was a tool used by me to verify the final appraisal provided by the person who signed the necessary tax forms. They checked my spreadsheet, thanked me for the details, and gave it back to me. The spreadsheet did NOT get attached to my tax documents as it is not a recognized tax form. As was stated, the appraisal was needed as my donation was well above $5000 dollars.

From what I can see from the OPs pictures, I stand by my earlier estimate that the total donation valuation is probably much less than $5000 and probably closer to $50.

We'll probably close this thread for further comments pretty soon, so be sure to enter your thoughts sooner than later.

Anyone want to take it below $50?

Perhaps the OP should save himself the trouble and toss it all in recycling. A $50 deduction, even if itemizing with associated other tax related reduction in value take will not provide a tax write off worth the bother.

So for the good of the hobby, recycle it if you are environmentally leaning or just toss in the general garbage if not.

Now with that said, looking at $400,000 it would be worth a few bucks to consult with a certified tax professional and stop relying on a hobby chat board.

Edited for missing "w" and:

Here is when I also add my question, I have a stamp with four clipped corners, quite faded and cancelled with many scribbles on the back. To what percentage does that damage reduce the true value from a undamaged stamp, 1%, 10%, 100%. well 99% of what?

As damaged, it recently sold for $1.17 less than before when it was less damaged.

Oops, sorry. When I wrote $1.17 I forgot to mention that was not 117 cents, rather, 1.17million dollars plus a small rounding error.

That sounds like a unique item, which, in any condition, is still unique. The highest bidder determines the value.

It too was a full donation of the sale price when the British Guiana 1c magenta last sold but the lawful donation amount was the earlier purchase price, that $1.17 million higher price.

That stamps has been highly overvalued for ages, because of its history. It, also, is unique. It is degrading fast and Stanley Gibbons should have known better when it bought it.

Still, as long as there are people with too much money to spend who do not care about one day opening a safe and finding nothing but magenta fibres, that is a market price. Not a price some hallucinating AI application assigns confusing a 2½p Machin with a British Guyana 1 cent.

As the stamp was issued in 1856 and magenta was first made in 1859, the stamp's either dyed in a very early sample of mauveine, first made in 1856, or some kind of local dyestuff.

A lot of entrepreneurs are realizing that "AI" is the new marketing term money maker. It reminds me of when motels would breathlessly shout "Air Conditioned!".

Next Vision is the company that developed and supports the app. Prior to stamps their apps identified birds and fish. Quite the jump to stamps.

Why is cynicism required?

This app is getting it's values from places like ebay listings which are the easiest to access and free to the developer. We all know how accurate a place ebay is for ID and pricing. NOT. Besides, there is no way for you to take a pic of a stamp that has multiple catalog number possibilities and AI uses that to ID. It can't happen because there is no control in place. You use your Samsung Tracfone inside and you use a scanner with the lid open and so forth. AI can still only use what it is given. It can't really give you one color, it can't watermark a stamp and it really can't assign a perforation rate with great accuracy. If you give it a low res cell pic and you have say, US Scott 10/11's or 5/9's or German States best of luck.

I'm not sure if this has been brought up yet, but has anyone contacted a 501C3 non profit for donating philatelic items? In a previous life, I assisted with the paperwork for a 501C3 and the bottom line for us was that we provided the slip that the item(s) were donated, but the donor was on the hook for the valuation. That was between them and their tax guy. We were not appraisers.

If the donor wants to claim a noncash-contribution deduction above $5,000, donor needs to get a Form 8283 signed by the organization, with all that that entails.

Not every donor knows or understands that if the charity turns around and sells the donated property within 3 years, in many cases they have to tell IRS about the disposition on Form 8282.

There are a few limited exceptions to the requirement for the charity to file Form 8282, and perhaps ironically, the two biggest ones might apply here. If the veterans group uses up the donated stamps in their charitable mission, no report is necessary, and if the charity sells the crap and gets less than $500 for it, perhaps no report is necessary.

Thanks Cjd. I wondered about the amount limits.

I didn't read about a donation of that stamp to any organization. I thought it was always purchased outright. Do you have a link to an article about that?