Donating something to charity is a great way to give back. Not only do you receive the benefit of knowing you’ve done something to help those less fortunate, but if you donate to an Internal Revenue Service-approved charity, you will receive the value of your donation as a deduction on your income tax return, which could save you money. Charities all over the country accept donations of many kinds, not just monetary donations. You can donate cars, boats, clothing and even your stamp collection.
Contact your favorite charity and inquire whether or not they accept postage stamp donations. Many charities that are unable to use the collection can sell the collection to a collector and use the proceeds towards their charitable purpose. If you need help choosing a reputable charity, you can use the Internal Revenue Service’s charity look-up webpage. (See Resources)
Appraise your stamp collection to determine its value. If you inherited the collection and/or your knowledge of stamps is limited to knowing what the current postage rate is, you should contact a stamp collectors society or club and ask a member to appraise your collection for you to determine its worth. You’ll need to know the value before you can deduct the donation on your income tax return.
Take your stamp collection to the charity you chose to work with. Wait while a receipt is given to you documenting your donation, what it consists of and the date. Keep this receipt for income tax purposes.
Deduct the value of your donation on your income tax return for the current year by itemizing your deductions. Itemizing is only recommended if the amount of your deductions exceeds the amount of your standard deductions.
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Writer Bio
Tiffany Raiford has several years of experience writing freelance. Her writing focuses primarily on articles relating to parenting, pregnancy and travel. Raiford is a graduate of Saint Petersburg College in Florida.