McCormick Reaper value

bill finn · Sep 24, 2015

A friend of mine donated a McCormick reaper to a museum. He would like to take a tax deduction for the donation but cant find a value. How would one get a value on something that has no history of previous sales.

Loren in MN · Sep 24, 2015

I sold a nice one all original about ten years ago to a neighbor for $1200 but he paid me $1500. I wouldn't be surprised to hear $2500 to $4500 today.

Just my opinion.

dhermesc · Sep 25, 2015

He can't deduct more than his basis in it. If he has no basis he basically can't deduct anything. If he's going to say its worth $1200 first he'll have to recognize $1200 in capital gain then he can deduct its $1200 value from income for his taxes. The only real benefit is the gain is taxed at 20% and the donation comes off at his regular tax rate.

http://www.irs.gov/publications/p561/ar02.html

McCormick Reaper value

bill finn

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Loren in MN

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dhermesc

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