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 Replies: 43 / Views: 2,520 |
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Pillar Of The Community
Netherlands
6566 Posts |
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The same app was the subject of a very recent thread. The question whether it was accurate was never answered. Irrespective of what OP wants to do with the stamps, it would be interesting to see if the app does what it says. https://goscf.com/t/90812 |
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Pillar Of The Community
United States
7081 Posts |
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The elephant in the room is: Quote:
The app values my collection at about $400,000. Irrespective of seeking a deduction, a good opinion/answer of what to do with it depends on what is really there. The odds that it is a very special collection are slim - practically lottery-like chances - but not zero. We read all the time about collectors who don't make any plan at all for the disposition of their material upon their demise. If we can see a couple items that the app valued highly, we'll know pretty quickly what we're being asked about. On the other hand, if this app gets mentions without substantive follow ups, then perhaps we're being marketed to... |
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Pillar Of The Community
Netherlands
6566 Posts |
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Not the most unequivocable question, but OP does not ask what to do with it. Quote:
I want to donate this collection and don't know who to ask about it . |
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Pillar Of The Community
United States
7081 Posts |
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"What to do with it" includes everything from donating it to the local Scouting group, to seeking out an appropriate museum, society, etc.
I'm guessing it's a candidate for a local donation, or perhaps the organization for veterans, but without some examples, we can't know. |
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New Member
United States
4 Posts |
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I uploaded some photos of some of the more expensive stamps. I have about 100 Penny Red stamps, a lot are in very good condition.
and you are right. I want to donate the collection I have to use it for a tax donation. I am not expecting an estimator to go through each stamp and value it. I don't think the IRS expects that either, particularly when you have a large collection like I do, and an appraiser can give a ball park estimate to the value. In all estimations of anything, it is not a science. it's an estimate. When I don't my own person property to Goodwill and deduct it from my taxes, the IRS doesn't insist I go to some expert. And, it could be that my collection could contain 10 or 15 stamps that are rare, and they underestimate the value. |
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Moderator
United States
5097 Posts |
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I don't see the pictures. Where did you upload them to? And, used Penny Reds are sold in bulk for less than one dollar each. |
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Pillar Of The Community
Netherlands
6566 Posts |
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Re your reply regarding the app in another thread Quote:I think the app is an excellent place for a novice to start. I have no idea where to even start looking in a catalogue. I can spend hours looking for 1 stamp. the app will likely find the stamp, the issue, and year. I can do this in 30 seconds and less for each stamp. I think what the app does is use ChatGPT or some other AI agent to look for the stamps, and it returns two values: a low and a high. So, you get a range of what is on the internet that it found. the app then takes the average and assigns a value to your stamp. I did upload three photos of stamps I have that seemed to have a high value. and, I have around 100 Penny Red stamps, some in very good condition. I also have a mint China Junk Ship that is identical to one for sale on ebay for $1,899. You can search this site for Chat GPT identification examples. It did not get a single one right and often came up with utter garbage. An issue with this type of app is that it cannot discern between invisible varieties. They, also do not tend to understand quality. Furthermore, taking an average from the internet is problematic, as most are being offered and not sold. Also, if you look for very common stamps that are worth 0, there will be enough (unsold) examples listed by idiots that ask up to a million. Searching the internet for reviews of the app, one thing that does raise eyebrows is when someone posts that the outcome for a single stamp changes with each try on that single stamp. Edit: the app appears to be available for Ios only. |
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| Edited by NSK - 02/11/2026 03:08 am |
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Pillar Of The Community
United States
7081 Posts |
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The member profile page shows three posts, and no photos. Where were they uploaded? This thread hasn't made much progress, but if a few photos can show up, I'd give it a little more attention.
The tax deduction is going to be a nonstarter.
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Moderator
United States
5097 Posts |
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I think when the OP says they uploaded pictures, they meant they uploaded them to that software they are pushing. If that is the case, then it doesn't help any of us help the OP, so if we don't get any meaningful response very soon, I would suggest that we all just move on and help answer more serious questions. |
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New Member
United States
4 Posts |
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Pillar Of The Community
United States
7081 Posts |
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Thanks for the pictures. What did the app give you for identifications/values of these stamps? |
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Pillar Of The Community
Netherlands
6566 Posts |
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Unless I am mistaken, the first stamp is Scott #720 that has no value.
The last one can be Scott #423, 460, 478, or 518. From the perfs, I would hazzard a guess it is the latter, In the state it is in, something like 25 cents.
Not being familiar with US stamps, my guess for the middle one would be either Scott #156 or 182. The colour would make me look at the former. Also minimal value, especially in that state.
As I said, I have no clue. |
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| Edited by NSK - 02/13/2026 2:19 pm |
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Pillar Of The Community
United States
4336 Posts |
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Quote: . I once donated a collection to a local stamp club. They had a qualified person, who has dealt with the US IRS multiple times give me a valuation. The proper forms were signed by them and I submitted to the IRS with some difficulty, but no audit. Eventually came out to a significant offset to a very large tax bill that I had that year. But I'll admit, that I had a large, up-to-date spreadsheet with current Scott values for each and every stamp that I donated. I realistically valued at the proper condition, and did not automatically value everything at Mint Never Hinged, perfectly centered condition. I think the most expensive item in there had a catalog value of about $300, and the least was 5 cents. The final tax form paperwork valued everything at about 65% of what I thought, and I had kept records, though not all in receipts, for all that was purchased by me, or inherited from a relative or friend. A lot of time and work went into that, but the final outcome was favorable for me. And, it should be noted that you need to itemize your deductions to get the big benefit here. I think the OP will find that if they donate to most places without documentation or an appraisal, the most they could write off is $5000, and that is an offset from taxable income. The net effect may be lowering your tax burden by about $1500, depending on your tax bracket, but could be much lower. Good luck. I am sorry, but anyone commenting from outside of the USA, or as a non-tax professional from within the USA, is providing false information as to DONATION VALUATION. As Partime mentioned, he, with likely professional tax preparation assistance submitted a donation statement in compliance with the IRS guideleines Even the stamps described above as "worthless," are stamps with a donation value. As noted in the above quote, from Partime, Scott catalog values were used and it matter not what you may think the accuracy of Scott prices are, your thinking does not matter, nor does your opinion. What matters for USA donations is compliance with the USA IRS valuing of donations publication I posted. That compliance is all that matters as was shown by Partime. |
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| Edited by Parcelpostguy - 02/13/2026 2:44 pm |
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Pillar Of The Community
Netherlands
6566 Posts |
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I am only interested in what the app identified.
Valuation for tax purposes or insurance purposes is another issue. I do not care for that. |
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| Edited by NSK - 02/13/2026 2:48 pm |
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Pillar Of The Community
United States
7081 Posts |
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Publication 561: Quote:
Contact an appraiser for assistance with properly valuing stamp collections. I take from Partime's post that he had a detailed spreadsheet, and the appraisal number came in at 65% of his catalog-value number. Noncash contributions over $5,000 need an appraisal. A spreadsheet isn't enough. (I can't tell if anyone is saying that a spreadsheet is enough. It isn't.) |
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Replies: 43 / Views: 2,520 |
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Posted 02/10/2026 02:24 am
