Tax Deduction for Donation of Contents
Ray Nugent summarizes the certified appraisal service of all tangible assets in and around a home
Nugent Appraisal produces IRS qualified certified appraisal reports in order to itemize a tax deduction for the donation of residential contents. Many of our clients that receive a certified donation appraisal report purchased a residence “furnished” and decide not to keep certain items, and often, choose not to keep any of the previous owner’s items. In fact, many new owners remove entire kitchens, bathrooms, and fixtures in order to personalize their new home. Our accredited appraiser’s not only certify the value of the contents: Fine Art, Decorative Art, and Furnishings, we also certify the value of kitchen cabinets, counters, appliances, and bathroom fixtures. All of these existing items in a just-purchased-soon-to-be-remodeled home have value in the secondary resale market and therefore are welcome donations to charitable organizations in order to create revenue for their cause.
CONTACT US for a list of valid charitable organizations that desire donations of contents, fixtures, and appliances
When you are considering the option of a tax deduction for donation of contents, fixtures, and appliances there are some IRS tips for deducting charitable contributions:
- You must be giving to a qualified organization
- Contents must generally be in good used condition or better to be deductible
- If you are donating an item or group of items valued at more than $5,000 you must complete Section B of Form 8283, which requires an appraisal by a qualified appraiser
The appraisal team at Nugent Appraisal has been producing IRS qualified appraisal reports for the tax deduction for donation since 1976. If you previously donated the items and were later informed you require a qualified appraisal, we can help! We specialize in certifying the value of assets after they have been donated and no longer are accessible by the donor. CONTACT US to discuss how we can produce the IRS qualified report and signed IRS 8283 form you must have in order to itemize your charitable donation deduction after your items have been donated.
Nugent Appraisal has a team of experienced IRS qualified appraisers that certify the value of Fine Art, Decorative Art, Collectibles, Furnishings, Fixtures, and Appliances in a USPAP compliant certified appraisal report. If you are considering benefiting from a tax deduction for donation of contents and other items CONTACT US to discuss your options with experienced professionals that have assisted thousands of taxpayers.
Purchase Fine Art Online
PURCHASE FINE ART ONLINE
In a world where you can purchase fine art online in any medium (thanks to the Internet!) you have to be especially careful that you’re getting what you pay for. Online sales in art are becoming increasingly popular, as many in the industry wish to supply to the masses. There are some very good things about this relatively new market, and there are some definite drawbacks that must be considered. On many art auction sites, there is no policing of the art items being sold; no mandatory authentications, and no guarantees. Many consumers who purchase fine art online, especially the new audiences being targeted, assume that if the artist’s name is visibly there then the item is legitimate. The sad truth is, some people make careers out of forging art, or faking signatures. These people can easily fool an inexperienced or uninformed buyer.
The good news is there are dozens and dozens of reputable sources where one can purchase fine art online. Industry professionals who want to keep the integrity of the art market, and work very hard to have the right experts and appraisers identifying and authenticating the art they represent usually run these online galleries.
Since you can’t always find what you’re looking for at Christie’s or Sotheby’s, here are some helpful tips that can guide you to be confident and knowledgeable when you purchase fine art online:
- The most dangerous weapon against a forger: research. You can’t research an artist too much. Know everything about the signature; how condensed the letters are, if it slants and which direction, what utensil is usually used, and where on the art it can usually be found.
- Familiarize yourself with the elements of style. Pay close attention to brush strokes, subjects, characteristic sizes and proportions.
- Apart from an artist’s individual signature, sometimes dates or symbols and embellishments can be found. If a date is present (and the artist usually dates his/her work) then research it. Try to find out where in the artist’s career the item came about and what styles they were immersed in at the time. Then compare your item with those dated similarly.
There is a lot to consider when you purchase fine art online, especially because you do not have it front of you. If you have any doubts as to the originality of a piece of art, or if the online seller does not offer any good pictures or information on the signature, it is best to let it go or hire a professional. Authentication can be pricey, but most fine art appraisers can offer a good, well-educated opinion as to whether or not a piece of art is truly what it is made out to be. Remember, when you purchase fine art online, research or an expert’s opinion are your best friends.
CONTACT NUGENT APPRAISAL art appraisal experts if you would like to discuss an appraisal need
Estate Jewelry Appraisal
In recent years, it seems there has been a growing interest in jewelry items that have a past. While the allure of shiny new charms in glass cases still entices mall goers and passersby, the mystery and glamour behind estate jewelry is proving to have a big impact on the market. Estate is a broad term; it doesn’t necessarily limit itself to fine quality gems or only the most precious of metals. Jewelry accompanied with the title of estate simply indicates that the piece has been previously owned, whether the previous owner is deceased or not. These items are often sold as is and at a discounted price compared to those sold brand new. When considering purchasing an estate jewelry piece, or if you have inherited one, you should inspect it closely. The most important features relating to value are the ones seen with the naked eye. Make sure no stones are missing, there are no chips that could be damaged further, and there is no dreaded “Made In China” marking etched in anywhere. If you are purchasing, you should ask the dealer if any repairs were made and what they were. It is important to have a jewelry item, especially one that was previously owned, appraised for value and insurance. This way, a more thorough and professional examination can be performed.
Two words that often accompany estate on jewelry tags are antique and vintage. These terms are not interchangeable and it is very important to know the difference. To be considered as antique, a piece of jewelry must be at least 100 years old. Just because you’ve found yourself in an antique store, does not mean jewelry being sold there is actually antique. It should be kept in mind that the first machine-made jewelry items came about in the late 1860’s, so a legitimately antique piece could be handmade or machine made. Jewelry proved as being handmade can often carry more value since the craftsmanship is one-of-a-kind. Jewelry declared as vintage, however, is a little more general. Items of this nature do not stick to one specific design era, though “retro” is a popular go-to for many dealers. A vintage piece could just as well be from the Art Nouveau time period of the early 20th century. The Nugent Appraisal Jewelry Appraisal Professionals are familiar with styles of jewelry making over time and can specify when your great grandmother’s ring was most likely made, and how much it would be worth in today’s market.
CONTACT US to discuss a certified jewelry appraisal for insurance, estate settlement, equitable distribution, and divorce
Antique Appraisal: Demand Creates Value
I have the pleasure of receiving most of the inquiries for our appraisal service. I have responded to thousands of calls and emails from potential clients that are very excited about the possibility of finally understanding the real value of their item. Their excitement and eagerness is truly one of the best parts of my job.
Unfortunately, I don’t always have good news for them when it comes to value. When this occurs some are disappointed because they could “really use the money.” Most are thankful that their thirst for the real value has finally been quenched.
What creates value? In a word – demand. Now, there can be many reasons why an item has demand – age, condition, rarity, scarcity, size, attribution, etc. But, there is one certainty, without demand there is little or no value. In other words, “an item is only worth what another is willing to pay for it.”
Our appraisal professionals have decades of experience in identifying the characteristics in items that are truly in demand. Is your furniture item an authentic antique or vintage reproduction? Is your wall art under glass an original watercolor or print? An accurate appraisal begins with a positive identification. Once identified we have the market data resources on exact or comparable items that delivers to you the true demand and resulting valuation.
Ray Nugent has most of the client contact so if you have an item or appraisal question call Ray at (888) 353-7152 or email firstname.lastname@example.org
At Nugent Appraisal, we are regularly asked to perform rug appraisals ranging from small rugs, hallway runners, to full-size room rugs. There are several factors we must consider, but one in particular involves the sense of touch; it is called texture.
As a test of what I am about to discuss, run your hand over the rugs or carpet in your home or office. If you have differing types of floor coverings, your hand will sense the difference, and what you are feeling is known as the texture or the smoothness of the surface.
When you purchase floor covering, aside from size, color and design, the texture that you select is determined by your personal taste. Do you prefer plush, flat, sculpted, or a feeling somewhere in between. Unfortunately in this world of internet shopping, texture is the only feature that cannot be evaluated using a computer. The human touch still provides many indications about the quality and structure of rugs and carpets.
The various sensations of texture primarily depends on the types of materials in the rug, such as whether the base material is Wool, Cotton, Silk, or in some rare instances Gold or Silver threads.
Wool is by far the primary material that is used to construct the rug’s structure. The majority of wool comes from sheep, though there are some occasions when weavers use wool from different animals, such as camels or goats. The wool from camels and goats is used, for example, in Kilim rugs.
The softest wool comes from baby lambs (8-14 months) and is called Kork. You find Kork in high-end rugs with a high knots per square inch count. The rugs that are made with Kork are very smooth, usually thin, have a glossy appearance, and are soft to the touch.
Cotton is also used in many rugs to warp looms. You can see the cotton on the backside of Tribal rugs, for example.
Silk is smoothest of all materials used in rugs and carpets and it provides rugs with an extreme softness and reflection. The existence of Silk in Persian rugs is another indication of the quality of the rug. Usually, silk is used for flowers in motifs and medallions. These types of rugs are famous in Tabriz, Iran’s fourth largest city. Quite often, Silk threads are used in combination with either Wool or Cotton.
Some rugs are pure Silk. These types of rugs have the highest knots per square inch and usually are smaller in size. Iranian cities like Qom, Kashan, and Isfahan are famous for their silk rugs. Isfahan has long been considered one of the centers for production of the famous Persian Carpet.
Gold and Silver threads have also been used in rugs and carpets going back as far as the 16th century, but in the earlier periods the metallic threads were used mostly in the floral designs of the carpet. As the use of metal threads became more popular, silk was gradually substituted for the wool of the pile; eventually the carpets were made entirely of silk on a Gold or Silver ground. Wool disappeared completely in these luxurious carpets.
Polonaise carpets are a group of 17th century Persian rugs possibly woven in Kashan or Isfahan that were given as gifts to European dignitaries. They were woven in silk, gold and silver threads. They are named polonaise because they were first exhibited in Poland and bore the Polish royal family’s coat of arms; in truth, they were really Persian and not produced in Poland as many contended at the time.
There was a time when a majority of this stuff was made from wool. Today, nylon made pieces is considered to be the most commonly used carpets in homes. Generally, the wall-to-wall carpets are made up of any of these five fibers: nylon, polyester, wool, polypropylene or acrylic.
Nylon made items, although considered to be very pricey, are the most durable and dependable carpets. Normally people prefer these in their homes as nylon fibers do not get entangled, and also because stains can be easily removed from them.
Polyester-made are also long-lasting and stain resistant. Many people prefer the attractive colors of polyester carpets over the other types.
Wool carpets have been in use since the concept of carpeting started. However, woolen pieces are very expensive and their cost is almost twice as that of nylon made pieces. If money is not an issue, selecting a wool carpet is an excellent option as these come in a wide range of beautiful colors. Wool made rugs are also easier to clean in case they get a stain.
Polypropylene carpets, which are also known as olefin carpets, are long lasting and stain-resistant carpets. Although they are relatively cheaper, yet, they melt at a low temperature and can be easily crushed.
Acrylic fibers are primarily used in rugs. Since they resemble wool fibers, the demand of acrylic carpets is increasing day by day. Acrylic carpets are springy and stain-resistant, and their color does not fade away easily.
As Accredited Appraisers, the expert rug appraisers at Nugent Appraisal must be professionally informed, as well as experienced, in determining the differences between the various types of floor covering so that our analysis will lead to an accurate market value. Are you in need of a certified rug appraisal for Insurance, Estate Settlement, Divorce, or Charitable Donation?
CONTACT US to discuss your rug appraisal need