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Thread: Market value on used Kentucky mandolins

  1. #1
    Martin Stillion mrmando's Avatar
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    Default Market value on used Kentucky mandolins

    Someone donated a pair of Kentucky A styles to our mandolin orchestra. We need to give her a receipt stating the fair market value so she can get a tax writeoff. The instruments are as follows:

    KM-140, SN 012732, made in China, purchased "about 20 years ago," pickguard missing, HSC. I'm guessing $200.

    KM-550, SN 110210069, purchased "about 10 years ago," a few scratches, Gator hard foam case. Maybe $450?

    The 550's serial number would appear to follow the convention of the first 2 digits indicating the year and the next 2 indicating the month. No idea what convention the 140's serial number is following.

    I'd welcome your comments on what these might be worth.
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  2. #2
    Teacher, repair person
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    Default Re: Market value on used Kentucky mandolins

    I wouldn't worry about deciphering the serial numbers. The instruments don't have any collector's value.

    Since both models are out of production, about the best you can do is look up selling prices for in-production models with similar specs, knock off 30% to start with to estimate what the market value would be for a used one in excellent condition, then make a guess about how much any wear and tear would further reduce the price. Then you might add $50 - $75 apiece for the cases.

    Kentucky's current low-end A model [KM-150] sells new for $450, and a mid-line KM-505 sells for $775. You can look up selling prices at The Mandolin Store.

    Your estimates don't need to be precise. Since she was generous enough to donate them, it wouldn't hurt if your estimates are on the generous side.
    Last edited by rcc56; May-20-2023 at 4:02am.

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  4. #3
    Martin Stillion mrmando's Avatar
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    Default Re: Market value on used Kentucky mandolins

    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.

  5. #4

    Default Re: Market value on used Kentucky mandolins

    I think you could bump the values up a little considering it's an assessment for a generous donation, Guitar Center has used KM-140s for $350 and if that's what one of the largest retailers of stringed instruments is selling them for that seems like a valid basis for valuation if she were ever audited.

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    Moderator MikeEdgerton's Avatar
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    Default Re: Market value on used Kentucky mandolins

    Quote Originally Posted by mrmando View Post
    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
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  7. #6
    Martin Stillion mrmando's Avatar
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    Default Re: Market value on used Kentucky mandolins

    No knowledgeable person would trust Guitar Center's valuation of any used mandolin, but it's probably good enough for the IRS. The donor thought the 140 was worth only $100, but I told her it was probably a little more.

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