Charitable Contributions: How much of a tax deduction can you claim if you donate your clock to charity?
There are many specific tax regulations that govern the tax benefits you can receive by donating (non-cash) property to a recognized charitable organization. There are two publications that you can download from the IRS that explain these regulations: IRS Pub 526, Charitable Contributions, Publication 526 (Rev. December 2000) and IRS Pub 561 Determining the Value of Donated Property Publication 561 (Rev. Feburary 2000). It is best to consult an accountant or CPA to find out how these rules should govern your actions. If your claimed contribution for an item or group of similar items is over $5,000, you must get a qualified written appraisal of the donated property from a qualified appraiser.
Although not required, it is often wise to get such an appraisal even if the contribution is less than $5,000, as this can help back up your claim of value should you be audited. You can search the online directory of the International Society of Appraisers to find a qualified appraiser in your area, or call toll-free 1-888-472-5587.
To learn more about different types of clock values, you can return to the first page of this chapter, or search the clocks database now.
Gift Taxes, Federal Estate Taxes and the value of your clock.
Gift Taxes: If you gave a clock to someone as a gift, or as one of a number of gifts, you may be required to pay a Federal Gift Tax if the value of your gift(s) totals more than 11,000 in a tax year.
There are many specific tax regulations which govern the payment of taxes for gifts that you give. You can download IRS Pub 709, United States Gift (and Generation-Skipping
Transfer) Tax Return, by clicking this link: Instruction 709 (Rev. 2002 ). It is best to consult an accountant or CPA to find out how these rules should govern your actions.
Federal Estate Taxes: The estate of a person who dies must pay any tax that is due. There are many specific tax regulations which govern the payment of taxes on an estate's assets, with specific instructions for valuing art and antiques (which may include antique clocks.) You can download IRS Pub 706, Introduction to Estate and Gift Taxes, by going to Instruction 706 (Rev. August 2002). It is best to consult an accountant or CPA to find out how these rules should govern your actions.
IMPORTANT: The IRS may require you to get a written appraisal for gift or estate tax purposes!
If you need an appraiser, you can search the online directory of the International Society of Appraisers to find a qualified appraiser in your area, or call toll-free 1-888-472-5587. Please consult your tax advisor for further advice.
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Taxing Questions: What the IRS says about your antique clock's value.
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