Donations

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collectables are also good to donate, but the amount of money you receive is wavering. For instance, if you donate a collectible to a museum, and the museum keeps it for display, you receive a market value deduction. But, if the museum decides to sell it, you only receive the amount that you paid for it, so you break out even. Another catch is that you have to own the antiquity for at least a year in order to receive the full market value. So if your plan to donate any antiques, make sure you check with the organization to see if they are going to keep it, rather than sell it.
Real Estate isn’t very popular to donate, who has an extra chunk of land just sitting around? But if you do, you might want to pay attention. When you donate real estate, that you owned for at least one year, you can write off the fair market value. If the property of your real estate has gone down since you purchased it (capital loss), then it would be wise to sell your property, donate the proceeds ...

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