Charitable Contributions
How much of a tax deduction can you claim if you donate your clock to charity? There are many specific tax regulations that govern the tax benefits you can receive by donating non-cash property to a recognized charitable organization.
Two IRS publications explain these regulations: IRS Publication 526 (Charitable Contributions) and IRS Publication 561 (Determining the Value of Donated Property). Both are available at IRS.gov. It is best to consult an accountant or CPA to find out how these rules should govern your actions.
If your claimed contribution for an item or group of similar items is over $5,000, you must get a qualified written appraisal from a qualified appraiser. Although not required, it is often wise to get such an appraisal even if the contribution is less than $5,000, as this can help back up your claim of value should you be audited.
You can search the online directory of the International Society of Appraisers to find a qualified appraiser in your area, or call toll-free 1-888-472-5587.
Gift Taxes and Federal Estate Taxes
Gift Taxes
If you gave a clock to someone as a gift, or as one of a number of gifts, you may be required to pay a Federal Gift Tax if the value of your gift(s) totals more than the annual exclusion amount in a tax year. Consult IRS Publication 709 (United States Gift Tax Return) and speak with an accountant or CPA for current thresholds and rules.
Federal Estate Taxes
If a clock is part of an estate, it must be valued for Federal estate tax purposes at its fair market value — the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
For clocks of significant value, a professional appraisal is strongly recommended. Consult IRS Publication 559 (Survivors, Executors, and Administrators) for guidance, and speak with an estate attorney or CPA.