Donating a Piano: 10 Things You Must Know for a Tax Write-Off скачать в хорошем качестве

Donating a Piano: 10 Things You Must Know for a Tax Write-Off

Donating a piano can be a meaningful way to pass on a musical legacy—but the tax rules surrounding non-cash charitable contributions are often misunderstood. In this video, I explain the realities, requirements, and common misconceptions involved in donating a piano and claiming a tax deduction. This is not a “how to game the system” video. It’s a practical breakdown of what actually matters when donating a piano to a qualified nonprofit and dealing with the Internal Revenue Service rules that govern non-cash charitable contributions. The 10 things you need to know: 1. You must donate the piano to a qualified IRS-recognized charitable nonprofit. 2. For donations up to $5,000, no appraisal is required—only reasonable market research and a receipt from the donee. 3. For donations over $5,000, a qualified appraisal is mandatory. 4. The piano must have sufficient value for an appraisal to make financial sense. These appraisals are research-intensive and not inexpensive. 5. A qualified appraisal cannot be completed more than 60 days prior to the date of donation. 6. You must receive a written acknowledgment from the donee stating that no goods or services were exchanged for the gift. 7. Always consult your tax preparer before commissioning an appraisal to confirm it is financially worthwhile. 8. The receiving organization must retain the piano for a minimum of three years. 9. The nonprofit must have a legitimate music-making purpose in its charter—it cannot simply accept and resell the piano. 10. The piano must be in very good to excellent condition and well maintained. Donating a piano can be generous and meaningful—but it only works when expectations, condition, and compliance are realistic. Learn more: www.thepianoappraiser.com Original music: “Lily Anne” by Brian Janey ©2024