Has anyone donated a watch for a tax write-off?

[6CAB5N]

I've been trying to sell a watch for over a year and gotten nothing but lowball offers. It occurred to me that it would probably be more beneficial to donate it (if there are any charities that take them) and take the tax write off.

Has anyone done this?

Located in the U.S. btw, as tax laws may vary depending on geography...

[Etschell]

And how will you argue the fair market value is higher

Just sell the watch.

[gwozhog]

I could not imagine a bigger redflag for an audit than donating a Rolex as a tax write off. Im not a cpa though so take this with a grain of salt.

[007timer]

People have donated Rolex watched to Goodwill and others. I don’t know how they wrote it off if they just gave it away. But it’s definitely a red flag that you are giving a luxury item as a donation. I guess there is no way to know if you have them a real or fake Rolex, working or damaged, etc. (not accusing you of anything, just pointing out some issues that would come up) unless you buy it new, keep the receipt and immediately donate it after to determine the value.

Always check with a CPA to confirm.


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[Tools]

You would need a qualified appraisal of that exact watch, and attach form 8283 if you want to try for a deduction to a recognized charity.

A tax deduction isn't much good, though, if it doesn't kick you down into a worthwhile bracket to make the donation. It would be very unlikely to give you a return better than the "low ball" offers, which would not be taxed.

Perhaps you are asking above market for your watch?