January 26, 2011
Giving is Good
Princess Di with sapphire necklace and earrings
Prince William and Kate are considering whether to keep their lavish wedding gifts, or to ask people to make a donation instead. His father and mother reportedly received some beautiful and valuable jewels for their wedding. There have even been reports lately about jewels the Obama’s have received from other countries.
What happens when jewelry is donated? Does the recipient “cause” liquidate for money? Does the donator get a tax write-off? If so, can you claim full replacement value?
If you are considering a donation of either jewelry or gemstones, you should consult a credentialed gemologist/appraiser who knows the laws and guidelines concerning how to value the donation and what tax consequences you may have.
If you’re just giving your jewelry to your son or daughter, you may not need to file any official papers. Giving family heirloom jewelry has long been a wonderful way to keep memories alive and pass on the joy of a treasured piece of jewelry. Giving is a good feeling. …Dii
