Jewelry donations and watch donations are gladly accepted by many charities, including Giving Center. These items can easily be recycled or re-sold to raise valuable funds to further their charitable mission. Charities have made it easier than before to donate jewelry items while also gaining a great income-tax deduction.
Charitable tax deductions for jewelry donations are dependant on a number of factors, such as whether the jewelry item has risen or fallen in value since it was acquired. What a charity decides to do with the donation also plays a huge role. A tax provision called the “related-use” rule states donors of appreciated collectibles get a larger deduction if the charity is able to utilize the item. If the charity decides to sell the donated jewelry, donors are able to deduct its current fair market value. Usually, charities end up selling donated jewelry to collect the proceeds.
Important: make sure any jewelry more than $5,000 is independently appraised, in writing, at the time it is given over to the charity. Appraisal costs can vary but can run several hundred dollars for jewelry.
Here are just a few examples of the types of jewelry items you can donate to charity:
- Bridal jewelry
- Engagement rings
- Wedding bands
- Fine jewelry
- Silver rings, necklaces, earrings, bracelets
- Gold rings, necklaces, earrings, bracelets
- Platinum rings, necklaces, earrings, bracelets
- Antique or vintage jewelry
- Precious pearls, stones, gems
- Diamond rings, necklaces, earrings, bracelets
- Rolex watches
- Designer watches
- Vintage pocket watches
- Rare and hard to come by fine pieces
- Estate jewelry
- Cameo pins
Avoid the hassle of having jewelry buyers e-mail or call you with questions. Your ring donation, necklace donation, bracelet donation, or watch donation can be more valuable as a tax deduction! If you decide to donate your jewelry through Giving Center, all your personal information is held in confidence and will never be sold or given out.
All donated jewelry items qualify at the “fair market value” as a tax deduction when you donate jewelry to Giving Center. You will receive all necessary tax documentation for your charitable jewelry donation and a receipt immediately upon acceptance.
Check with your favorite charity, or give Giving Center a call today to find out how you can donate your unwanted jewelry today.
