How to Donate a Stamp Collection
Donating a stamp collection is easier than most people think. Perhaps you inherited a collection, or used to collect stamps, lost interest in the hobby, and are looking for a way to share your collection with someone who will enjoy it. A stamp collection can even be donated over the Internet.
Other People Are Reading
Instructions
-
Charities and Clubs
-
1
Determine the value of the collection. If you donate to a 501c(3) organization, you can deduct the fair market value of your collection from your taxes. Make sure to get a receipt.
If you are a stamp collector, create an inventory of your collection, using catalog values as a guide. Remember, that catalog value is not the same as fair market value, and catalog value is dependent upon condition of the stamp. If you purchased the stamp from a dealer, and have a record of the purchase, this can help you in determining the stamp's value.
-
2
Determine whether you want the collection to go to a stamp collecting specific charity, or a charity that sells collections to use the proceeds for charitable causes. If the collection was yours, perhaps you would rather the collection go to a group whose purpose is to encourage and support collectors. If not, you may want to give your collection to a local club, or stamp organization.
-
-
3
Ask a local stamp club for help assessing the value of a collection that you inherited. Many people who inherit stamp collections are not themselves collectors. One easy way to get an idea of a collection's value is to ask the club members to review the collection. Common stamps have lower value, and might be worth more to a club. Clubs like to give starting collectors the types of stamps to encourage them to continue. A collection with high value might be best to an organization that could sell it for cash.
Again, if the organization has a 501c(3) status will allow you to use the tax deduction at fair market value, not matter the final destination of the stamps.
-
1
Tips & Warnings
Like everything else, the stamp market has ups and downs. If you want to get the highest market value for your collection, hold onto the collection until the market goes up. Store the stamps in a dry place, where the temperature is relatively constant. Don't store stamps stacked on each other, they can get compressed and stick to each other, which lowers their value.
If you are looking to get a tax deduction for a stamp collections valued at $5000 or more, the IRS requires an independent, certified appraisal. Some organizations that specialize in accepting collections will provide for the appraisal at no charge to you.
