Appraising and donating a piano to charity is both worthwhile and financially beneficial to you. A piano, organ, guitar, violin or brass instrument such as a saxophone can enhance many lives through the music they provide. The tax deduction that is enjoyed by the donor is, of course, another good reason for considering such a gift. The St. Lucie Appraisal Company provides fair market valuation appraisals in all 50 states for many useful purposes such as estate dissolution, equitable distribution, damage claims as well as for donations. Knowledge of musical instruments is one key requirement but another essential necessity that an appraiser of guitars, pianos and other expensive instruments needs a database of past sales of comparable items. Whether the appraisal is going to the IRS, an insurance company or a magistrate, it must be documented by sources for the information contained therein. In the case of a tax deductible donation in excess of $5,000.00, you must have a written appraisal in which the appraiser will complete an IRS Form 8283 for you.
Due to changes in Internal Revenue Service reporting requirements, a musical instrument can no longer be appraised by the music store where it was purchased – or by a store that is selling it – unless the item will be donated within two months of when it was acquired. If the instrument is worth less than $5000.00, then usually you don’t need to hire an appraiser to value it for you. Like most automobiles, pianos, guitars and other musical instruments can be evaluated by year, make, model and condition. Other factors that should be considered are whether instruments are particularly ornate like Art Case Pianos or whether they were signed by celebrities or other notable people.
Hire an Expert to Appraise your Piano or other Musical Instrument for Insurance, Estates or Donations
Furniture movers are renown for causing damage to pianos, organs and other instruments that are entrusted unto their care; by careless handling, improper packing and storing as well as through unavoidable accidents. Most large moving and storage companies carry insurance that indemnifies them against damage claims. But those policies are not guarantees that compensation will be provided for the full market value of those items. Owners of homes and condominiums are no strangers to the occasional flood loss. Instruments that can’t be raised, such as pianos and organs, may be irreparably ruined. Obtaining an appraisal provides adequate evidence of an instruments value.
In cases of estate dissolution or equitable distribution, an appraisal that shows the exact fair market value of a guitar, piano or other musical instrument is a necessity. Probate and divorce proceedings can often be contentious. Similarly, in cases of bankruptcy or partnership dissolution, when personal property is involved, there are sure to be disputes over values. A well-documented fair market value appraisal is often the deciding factor.
Some notable makers of grand, upright, spinet, electric and player pianos are Steinway, Yamaha, Baldwin, Kawai, Bosendorfer, Bluthner, Bechstein, Weber, Chickering, Schimmel, Mason & Hamlin, Knabe, Hagspiel, Tischner, Kranich & Bach, Sauter, Seiler, Kuhn & Ridgeway, Kimball, Chickering and Wurlitzer. Acoustic and electric guitar makers include Gibson, Martin, Fender, Paul Reed Smith, Gretsch, Rickenbacker, Fodera, Gruggett and Ibanez. Examples of all of the named manufacturers exceed the $5,000.00 threshold that requires a written appraisal for a donation. Many stringed, percussion and brass instruments also exceed that amount in value.
The cost of a fair market value appraisal depends upon the research necessary to make an accurate determination. However, with the extensive database of past sales at our disposal, The St. Lucie Appraisal Company can most often provide an appraisal for $325.00.
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