[Nhcoll-l] collection assessments

Tue Nov 24 20:50:09 EST 2015

For IRS it must be "fair market value" used NOT one of the systems "invented"by people or institutions.  As they told us at an ECN meeting years ago. Then an IRS 8283 form.
As Barry says anything in a catalog, auction, etc. with stated monetary value.

Sent from my Verizon Wireless 4G LTE smartphone

-------- Original message --------
From: Barry OConnor <bmoc at umich.edu>
Date: 11/24/2015 19:42 (GMT-05:00)
To: Kevin Winker <kevin.winker at alaska.edu>
Cc: Nhcoll-l at mailman.yale.edu
Subject: Re: [Nhcoll-l] collection assessments

Remember that there aren't any "standard" tax valuations for insect specimens. The IRS only accepts "commercial value", so if the taxa in question can be found for sale in a dealer's catalog, an appraiser would have no problem. Otherwise, there is the value of the pins.
All the best! - Barry

On Tue, Nov 24, 2015 at 7:20 PM, Kevin Winker <kevin.winker at alaska.edu<mailto:kevin.winker at alaska.edu>> wrote:
Ahh - okay. When a donor has wanted a valuation for tax purposes in our case the donor has found an independent evaluator. We can't provide those valuations. But I can see how it would help to know who to point such donors to.

Best, K.

On Tue, Nov 24, 2015 at 3:07 PM, Dennis R Paulson <dpaulson at pugetsound.edu<mailto:dpaulson at pugetsound.edu>> wrote:
Kevin, we have a donor of an insect collection who wants to know if they can write off the donation for tax purposes. I know of other insect collections where donors have done this, with specimens valued in the neighborhood of $5 each by an assessor. I assume vertebrate specimens are worth a lot more than that. I suppose the value should be the same whether for insurance or taxes.

So from what you say it appears that you actually designate the value of your specimens. Are there any sort of published guidelines?

Thanks for responding.

Dennis

From: Kevin Winker <kevin.winker at alaska.edu<mailto:kevin.winker at alaska.edu>>
Date: Tuesday, November 24, 2015 at 4:02 PM
To: Dennis R Paulson <dpaulson at pugetsound.edu<mailto:dpaulson at pugetsound.edu>>
Subject: Re: [Nhcoll-l] collection assessments

Hi, Dennis. It is commonly done for insurance purposes, but I haven't heard of it for tax purposes. We do our own insurance evaluations.

Best, K.

On Tue, Nov 24, 2015 at 2:57 PM, Dennis R Paulson <dpaulson at pugetsound.edu<mailto:dpaulson at pugetsound.edu>> wrote:
Hello, all.

I’m writing to ask if any of you have the name and email of one or more people who assess the value of collections for tax purposes. This is something we need this year for the first time. I don’t think I’ve seen anything about this on nhcoll before.

Regards,

Dennis
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