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West Peterson

Re: Appraisal question

#11

Home away from home

Quote:

ewrecks wrote:
the museum will generally provide an appraised value in order that your mother or the trust may claim the market value for income tax purposes.

I don't think so. It's totally up to the donator to get the appraisal. The Museum may suggest someone, but as far as I know, they do not supply the appraisal.

Posted on: 2015/9/15 7:38

West Peterson
1930 Packard Speedster Eight Runabout (boattail)
1940 Packard 1808 w/Factory Air
1947 Chrysler Town and Country sedan
1970 Camaro RS

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RogerDetroit

Re: Appraisal question

#12

Home away from home

Quote:

ewrecks wrote:
.... the museum will generally provide an appraised value in order that your mother or the trust may claim the market value for income tax purposes.

Sorry ewrecks, but this is absolutely incorrect. West is correct, it is up to the donor to get the appraisal. No reputable museum will provide an appraisal.

Please read the "Fair Market Value Donation" document from the Gilmore Museum. I also know for a fact that the Packard Motor Car Museum (Packard Proving Grounds) has the exact same policy.

http://www.gilmorecarmuseum.org/wp-content/uploads/2015/02/Gilmore-Car-Museum-Fair-Market-Value.pdf

"PLEASE NOTE: Acceptance of any donation DOES NOT represent a concurrence by the Museum of the "fair market value" claimed by the donor."

"It is your responsibility to determine the Fair Market Value of your donation. The IRS does not allow 501(c)(3) organizations to establish a valuation for non-cash donations it receives."

I would run from any museum that would offer to perform the appraisal.

Posted on: 2015/9/15 10:12

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1941 Model 160 Convertible Sedan
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Tim Cole

Re: Appraisal question

#13

Home away from home

You're right, certified is a better term.

Here is an example: Each appraiser, while engaged in appraisal duties, shall carry the license issued to him by the Insurance Department and shall display it, upon request, to an owner whose vehicle is being inspected.

Not all states are the same. So they can call up Wolf, who lives in Greater Cleveland and inquire if he is interested.

As well, if they want the car to go to a museum I know someone who owns a museum who they can call to inquire about having the car there.

With the ever increasing mortality rates of these millionaires and the on going asset price bubble it is going to be harder and harder to keep this stuff from the scrappers. The millionaires better set up a foundation if they want to preserve their relics. Somebody I knew just croaked and he was still clipping coupons even though he never made less than $10 million a year. I thought to myself "Gee Bob, you aren't any better off than someone making $30k with a mortgage and a baby on the way."

Posted on: 2015/9/15 16:08