Re: Market value on used Kentucky mandolins
Originally Posted by
mrmando
Yes, that's more or less how I arrived at the numbers I posted.
They are not bad sounding and don't appear to need any repair or setup work, which is more than I can say for some of the other donated instruments we've received.
Unless something has changed you actually aren't the ones that have to put a value on the donation, that's actually up to the person donating it. Then it's up to them to get it past the IRS.
Even if you were to issue a receipt showing the value, the burden of determining the value of the deduction would still fall back upon them and not upon your organization in an IRS audit.
They do give some guidance.
https://www.irs.gov/publications/p561#f15109q01
"It's comparable to playing a cheese slicer."
--M. Stillion
"Bargain instruments are no bargains if you can't play them"
--J. Garber
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