Donating CDs - IRS requires an expert's opinion

[Steve LeBlanc]

no cause some of us who care to not judge might give a good response. If you still want it closed I will do the honors. Some people just need to judge cause they have no skeletons which means if in person likely no real backbone either.

Those in glass houses.......:tricool:

 

[SoftJock Rick]

Those in glass houses.......

Get better tans...


BTW, I was absolutely serious about having another DJ do the valuation. I mean, who's better than a DISC JOCKEY, to judge the value of discs?

As long as they are a licensed business owner, who makes their living at it -- the IRS will certainly accept that. Just get the quote on their company letterhead.

 

[Jeff Romard]

You have to excuse Steve he like to pay a little extra tax each year just to make sure :triwink:

If I give the Red Cross a donation I get a recipt for income tax purposes, same with any other registered charity. That is why they are registered charities you would be silly not to take a legitamate deduction.

That being said Hank brang up a good point that I'm going to expand on. If you used the CDs as a write-off already can you donate them and get another write-off. You might want to check with an accountant on that one

 

[djrox]

...That being said Hank brang up a good point that I'm going to expand on. If you used the CDs as a write-off already can you donate them and get another write-off. You might want to check with an accountant on that one

For reliable advice follow Jeff's suggestion and ask a professional tax accountant.

However, strictly as a stoopid dj, i thunk dat...Regarding donations, you can only claim the basis value of a depreciated item. If you have totally depreciated the item's value, the basis is zero. Otherwise the basis is the remaining/un-depreciated value at the time of donation.

Another option is to sell the items to your self, claim the income in your business, then donate the items and get deduction on your personal income.

 

[DjDennis]

glad we dont have that problem here....

 

[WaydeWest]

glad we dont have that problem here....

Libraries?

 

[DjDennis]

anywhere

we can donate things without telling anyone like the IRS (Taxation Dept here)

because say we win money on lotto its free of tax
you win a million you get a million

 

[Adam Rivers]

Something to consider. If you have ripped those CDs to digital files you will need to keep them as proof of ownership of those files.

Some of you take this whole "being legal" thing way, way, way too far.

 

[ittigger]

For all of you donating CD's, I will gladly accept any you don't want.

=)

 

[ittigger]

anywhere

we can donate things without telling anyone like the IRS (Taxation Dept here)

because say we win money on lotto its free of tax
you win a million you get a million

Winning the lotto is free of tax? When did that one happen?

 

[Dan The Man]

Winning the lotto is free of tax? When did that one happen?

That's the way they do it down under. :triwink:

 

[ittigger]

That's the way they do it down under. :triwink:

O.

:tribiggrin: