How do I determine the value of my non-cash donation? Do I need to have my vehicle appraised?

Posted on February 6th, 2019

The Internal Revenue Service (IRS), allows taxpayers to deduct the Fair Market Value of your gift to the museum. It is the responsibility of the donor to determine the Fair Market Value.  The IRS requires that any donated item or collection valued over $5,000 be appraised. By law the  Museum cannot provide appraisals for donors as the IRS considers such activity a conflict of interest. We can provide a list of local and national appraisal services upon request. You may also want to obtain IRS Publication 561 – Determining Fair Market Value.