▪ The appraisal is the responsibility of the donor; not of the institution that receives the collection. This is where Music Legacy Services can help!
▪ A professional appraiser (often from an approved list given to a potential donor by the institution) is engaged to determine a collection’s value for tax purposes. This is especially necessary when the collection is worth a great deal.
▪ A donor could come up with a value for a smaller collection (or an individual item) and make the declaration of their tax return, but they need to meet IRS Standards.
▪ The appraisal is based on a special inventory description of the collection and a written report by the appraiser supporting the valuation, following the IRS specifications of Scarcity, Utility, and Demand.
▪ Generally, the more accurate and complete the inventory of the materials, the more accurate and complete is the valuation.
Music Legacy Services 