If you are a collector or just inherited an estate, donating something from your collection instead of your account or investment portfolio can be a tax-smart option. If you donate a collectible instead of selling it, you’ll be able to avoid any capital gains tax that would have incurred on the sale. Also, long-term gains on the collectibles are subject to a higher max rate (28%) than long-term gains on a long-term property (15% or 20% depending on the tax bracket), so that you are able to save even more taxes.
When you donate a collectible, it is important you choose the veteran charity wisely. If you want to receive a deduction that is equal to fair market value rather than the basis of your collectible, make sure the items are consistent with the veteran charity’s purpose, such as antiques to a historical society.
Look for a veteran charity that is open to accepting different types of collectible donations such as vinyl records, collector cars, artwork, or anything that you want to donate.
At Salute Veterans Inc. VeteransDonations.org, we are working to serve veterans and help them reap the benefits of these generous donations. Donate collectibles that you’re not using and help us raise funds for veteran causes.