A donation is only as strong as its documentation
Donating a coin collection to a museum, university, synagogue, church or other established charity can be a meaningful act — and a significant tax event. The IRS requires a qualified appraisal to substantiate the charitable deduction, and generic marketplace guesses do not satisfy that requirement.
Joel J. Forman prepares appraisal reports intended for exactly this purpose, and works with the client's lawyer and/or accountant so the documentation fits the return.
What the appraisal includes
- Item-by-item valuation — each coin individually appraised and documented, suitable for substantiating the deduction.
- On-site inspection — performed where the collection is located; the donor keeps possession throughout.
- Professional independence — the fee is fixed by written contract and never based on the value of the collection, preserving the report's credibility.
- Coordination with your CPA — the report can be shared with your accountant and attorney as required for the filing.
Timing matters: appraisal work is best arranged before the donation is completed, so the valuation reflects the contribution as made. Discuss your timetable early.
Planning a donation? Contact Joel J. Forman, or first read how a professional appraisal is performed.