I just donated a whole bunch of cds and dvds to our local library.

[Dmitry]

I had a LOT of cds and dvds I've been meaning to sell for a long time, but decided to donate them to the library in our town instead. They gave me a tax form, I declared a full retail value and should get a decent write-off for this year's taxes. PLUS the library will now have some nice Duke Ellington, Keith Jarrett and Wayne Shorter discs that perhaps will turn some kid onto jazz.

Anybody ever done something like that?

Made me feel kinda liberated, too...

[doubleM]

[GregK]

wow, I never even thought of this. This is a great idea!

[Chuck Nessa]

When we moved from MA to IL in 1975 I called the local library (Winchester, MA) and said I had some lps and they sounded grateful. When I showed up with around 1500 lps, the folks seemed annoyed.

Did not deduct anything - not sure if I was stupid or...................

Getting out of town was reward enough.

[kh1958]

If you are donating used CDs to a charity, any charitable contribution is based on the "fair market value" of what you are donating--that is, the value of used CDs, not new ones.

[ejp626]

Well, I have never donated CDs, but I did donate a large stack of literary magazines to the Chicago Public Library. I actually offered them to the Northwestern Library to help them fill a gap in their collection, but the dipshit behind the desk just rolled his eyes and said it wasn't worth the effort to catalog them (not the clerk, I went and talked to a permanent librarian). I know there's a huge decline in standards everywhere in our debased times, but it certainly seems that librarians in particular simply aren't doing the job they used to do -- now all they want to do is provide internet access. The librarians at the Chicago Public Library are a bit more old-school and still seek to expand their collections.

It is always worth asking whether donations are actually going to be added to the collection or sold in a book sale (to provide funds to the library for acquistions or something else).

[GregK]

If you are donating used CDs to a charity, any charitable contribution is based on the "fair market value" of what you are donating--that is, the value of used CDs, not new ones.

so what is "fair market value" for used CDs?

[catesta]

I had a LOT of cds and dvds I've been meaning to sell for a long time, but decided to donate them to the library in our town instead. They gave me a tax form, I declared a full retail value and should get a decent write-off for this year's taxes. PLUS the library will now have some nice Duke Ellington, Keith Jarrett and Wayne Shorter discs that perhaps will turn some kid onto jazz.

Anybody ever done something like that?

Made me feel kinda liberated, too...

I guess you forgot I accept charitable donations?

Seriously, good for you, and good for the people.

[Chuck Nessa]

If you are donating used CDs to a charity, any charitable contribution is based on the "fair market value" of what you are donating--that is, the value of used CDs, not new ones.

so what is "fair market value" for used CDs?

What would the local store pay you.

AND DATS DA TRUFE!

[RDK]

But would FMV on a used CD be the store's "buy" price or "sell" price?

[Chuck Nessa]

But would FMV on a used CD be the store's "buy" price or "sell" price?

Buy price, 'cause that is your "cost".

[Dmitry]

If you are donating used CDs to a charity, any charitable contribution is based on the "fair market value" of what you are donating--that is, the value of used CDs, not new ones.

so what is "fair market value" for used CDs?

What would the local store pay you.

AND DATS DA TRUFE!

I thought they allow you to write off the retail price. I guess I was wrong. Oh, well. Still beats going to the Post Office. If I declare $8 per cd and $10 per dvd you think that's ripping off Uncle Sam?

Librarian said they will only sell whatever I brought in if it duplicates titles they already have. Guess they won't sell any of mine, cause she didn't know who Keith Jarrett was...she thought he was European. I told her that Sonny Simmons was early rap, but w/out explicit lyrics.

Anyway, if anyone is interested in any Jenna Jameson dvds, you're welcome to attend the Coventry Public Library Annual Charity Sale next November. I wonder how they got there...

[ejp626]

Librarian said they will only sell whatever I brought in if it duplicates titles they already have. Guess they won't sell any of mine, cause she didn't know who Keith Jarrett was...she thought he was European.

Excellent.

A long time ago (in my teens) I worked at a public library which got lots and lots of donations. I don't know if anyone looked through them or not, trying to separate the gold from the dross, but certainly the vast majority of material went straight to the book sale. Staff were allowed to go down on lunch break and pick out what they wanted well ahead of the sale (which only took place twice a year). Most of what I picked up was just basic literature, but I did get the full set of Burton's translation of 1001 Nights, which has a street value of around $50. I think the asking price was $1.

All I'm saying is that if you are donating something with special value (like jazz CDs) to a library, you need to tip them off to it and ask them to consider adding it to the collection and not just sell it off.

[kh1958]

I believe the "fair market value" issue is not so clear. Here's what the IRS recently said about donating cars:

"The Service and the Treasury Department intend to issue regulations under § 170 clarifying that for purposes of § 170, the dealer retail value listed in a used vehicle pricing guide for a particular vehicle is not an acceptable measure of fair market value of a similar vehicle. The regulations will clarify that, for purposes of § 170, an acceptable measure of the fair market value of a vehicle, for contributions made after June 3, 2005, and before the date regulations become effective, is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale of a similar vehicle. The regulations [*17] limiting the fair market value of a vehicle to an amount not in excess of the private party sale price will apply to contributions of vehicles made after June 3, 2005. In addition, the Service and the Treasury Department will consider whether other values, such as the dealer trade-in value, are appropriate measures of the fair market value of a vehicle for purposes of § 170."

[Peter Johnson]

Even more restrictive now. FMV is what the damn thing sold for at auction (makes sense, right?) unless it sold for less than $500, in which case FMV is $500.

I believe the "fair market value" issue is not so clear. Here's what the IRS recently said about donating cars:

"The Service and the Treasury Department intend to issue regulations under § 170 clarifying that for purposes of § 170, the dealer retail value listed in a used vehicle pricing guide for a particular vehicle is not an acceptable measure of fair market value of a similar vehicle. The regulations will clarify that, for purposes of § 170, an acceptable measure of the fair market value of a vehicle, for contributions made after June 3, 2005, and before the date regulations become effective, is an amount not in excess of the price listed in a used vehicle pricing guide for a private party sale of a similar vehicle. The regulations [*17] limiting the fair market value of a vehicle to an amount not in excess of the private party sale price will apply to contributions of vehicles made after June 3, 2005. In addition, the Service and the Treasury Department will consider whether other values, such as the dealer trade-in value, are appropriate measures of the fair market value of a vehicle for purposes of § 170."

[ejp626]

Yeah, there was an article on the car situation. I guess there was a lot of cheating going on, so now instead of the Green Book value (which would seem to be fair) they are going this auction route. Well, the numbers of people donating cars is completely drying up, so expect to see the rules re-written eventually.

That said, donating a car to a charity rather than cash (unless the car/van is definitely going to be used by the charity) is not a particularly efficient method of giving. Probably it was the spread between a book value write-off and the true resale value that attracted people to this in the first place.

[Chuck Nessa]

I've donated two (really old) cars and never deducted them.

[Dan Gould]

If you are donating used CDs to a charity, any charitable contribution is based on the "fair market value" of what you are donating--that is, the value of used CDs, not new ones.

so what is "fair market value" for used CDs?

What would the local store pay you.

AND DATS DA TRUFE!

I disagree. Seems to me FMV in this case should be what the local store would charge for the used CD, as that is the value that you are donating to the library - the cost that it would otherwise have to pay to get the item.

[mike casinghino]

i had thought about donating some jazz cd's to the local library,but i changed my mind after taking a look at the cd's in their collection. basically,nobody was held responsible for returning the cd's in good condition. man,these discs were trash,pure and simple. that changed my mind instantly.

[Chuck Nessa]

I disagree. Seems to me FMV in this case should be what the local store would charge for the used CD, as that is the value that you are donating to the library - the cost that it would otherwise have to pay to get the item.

Sure you disagree.

Let us see if the IRS accepts your "seems to me".

FWIW, any public institution worth it's salt pays less than "retail" for "product". There is an entire industry built around supplying public institutions at a substantial discount. At one time I was involved in submitting bids to the Chicago Public system for annual contracts.

[.:.impossible]

FMV aside, you are a good citizen Dr. G.

[Ken Dryden]

I think if you did a survey of what used CDs and DVDs sold for on sites like half.com and Amazon (sold for, not some of the outrageous prices posted by some dealers) and documented your effort, I don't think that the IRS would challenge it. Of course, the larger the overall value of the gift, the more likely to draw scrutiny.

I imagine $7-8 for used CDs and DVDs in excellent condition might be an average fair market value, but anyone donating a large collection might consider having it appraised independently, as the donor is prohibited by law from assigning values.

[Stefan Wood]

When I donated books and lps to my local library store, they give me a signed form and basically I can fill out the rest. Crazy. It's like being given a blank check...........

[Dan Gould]

When I donated books and lps to my local library store, they give me a signed form and basically I can fill out the rest. Crazy. It's like being given a blank check...........

Wasn't there a news item in '92 about how Hilary Clinton donated used underwear to charity and claimed a value of $4 each?*

*The aforementioned is not meant to introduce politics to this thread but rather is offered as yet another example of how "Fair Market Value" can be established.

Edited December 20, 2005 by Dan Gould

[7/4]

When I donated books and lps to my local library store, they give me a signed form and basically I can fill out the rest. Crazy. It's like being given a blank check...........

Wasn't there a news item in '92 about how Hilary Clinton donated used underwear to charity and claimed a value of $4 each?*

*The aforementioned is not meant to introduce politics to this thread but rather is offered as yet another example of how "Fair Market Value" can be established.

Time for this thread to be move to the pollytix forum. I'm insulted. What is that you don't get Danny? If I wanted to read about that kind of shit I would read the pollytix forum. And please stop dragging your knuckes on the floor. The sound makes my skin crawl.