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Thread: What is the procedure when donating gear to a school?

  1. #1

    What is the procedure when donating gear to a school?

    I want to donate heavy studio gear to my alma mater. Usually, they can provide a receipt with the values of items donated.

    I want to use this opportunity for tax deductions.

    Do I put down the full retail value of used equipment or what I feel it's worth?

    Example
    Camera stand: $2500? or $500?

  2. #2

    Join Date
    Nov 2008
    Location
    Atlanta, GA
    Posts
    596

    Re: What is the procedure when donating gear to a school?

    The tax value is what you could expect to sell it for, so get some actual completed sales data from ebay and keep that on file along with your receipt from the school. If it all has a pretty high value you might seek an accountant's advice.

  3. #3

    Re: What is the procedure when donating gear to a school?

    Thanks Jim.

  4. #4

    Join Date
    May 2007
    Location
    New York City & Pontremoli, Italy
    Posts
    657

    Re: What is the procedure when donating gear to a school?

    Be careful not to raise a red flag with the IRS. If it is gear that's worth a lot of money they require that it be independently appraised.

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