How to value thousands of vinyl records for charitable donation tax deduction

This is really helpful, but I'm confused about the timing for appraisals. Since the records are already donated, is it too late to get an appraisal? Also, is there a certain threshold where the IRS is more likely to question the valuation?

No, it's not too late for an appraisal. The appraisal needs to be conducted no earlier than 60 days before the donation and no later than the due date for the tax return. Just make sure you have good documentation like your video and any photos of the collection before donation. The IRS doesn't have a specific threshold where they automatically question valuations, but they do pay more attention to larger deductions. That's precisely why the documentation requirements increase with the value. If your total deduction for non-cash items exceeds $500, you're statistically more likely to face scrutiny, which is why proper documentation is crucial.

How exactly does it work for something like vinyl records? Do you have to input every single record or can you do it by categories? I have a huge baseball card collection I'm thinking about donating and wondering if this would work for that too.

Sounds interesting but seems like it might be overkill for something that's already been donated? Does it still work if you've already dropped everything off and don't have detailed photos of each item?

For vinyl records, you can actually do both individual entries and batch categorization. For common records, you can group them (like "25 common 1970s rock albums in good condition") and assign a reasonable value. For rarer items, you'd want to enter them individually. It would absolutely work for baseball cards too - they have specific collectible categories. Yes, it still works even after donation! You'll need to provide whatever documentation you have (your receipt, the video you mentioned, any photos you might have taken before), and the system helps you reconstruct a reasonable inventory. The tool is specifically designed to help in situations where you might not have perfect documentation but need to create a defensible valuation for tax purposes.

How does this actually work? Seems kinda sketchy that they could somehow get you through the IRS phone system when nobody else can. Do they have some special backdoor access or something?

Yeah right. No way this actually works. I've been trying to reach the IRS for weeks about my refund. If this actually worked everyone would be using it and the IRS would shut it down. Sounds like a scam to get your money.

It's not sketchy at all - they use a completely legitimate callback service that works with the IRS phone system. There's no backdoor or special access. They basically wait on hold for you and then call you when they reach an agent. The IRS actually allows this type of service since it helps manage their call volume. I was totally skeptical too until I tried it. They don't promise instant access - just that you won't have to personally sit on hold. In my case, I got a call back in about 40 minutes, which was far better than the multiple hours I wasted trying myself. It's a legitimate service that many tax professionals actually use. They don't do anything that bypasses normal IRS procedures - they just take the waiting part off your plate.

Thanks for the Discogs suggestion! Do you know if I should be using the median value shown there or the lowest recent sale? Also, would it be reasonable to apply some kind of condition-based discount since many of my records were well-played?

I'd use the median value for records in similar condition to yours rather than just the lowest sale. Discogs has condition ratings (Mint, Near Mint, Very Good Plus, etc.), so try to match your records' condition to those ratings and then find corresponding sales. Absolutely apply condition-based adjustments. Records in played condition are worth significantly less than mint copies. This actually strengthens your case with the IRS because it shows you're being reasonable and conservative with your valuation. Just document your condition assessment process clearly - maybe even use the standard condition grading terminology that collectors use (VG, VG+, etc.) to show you're following industry standards.

Good point! I made this exact mistake last year with a big donation. Spent hours documenting everything only to realize my total itemized deductions were still way below the standard deduction. Complete waste of time.

@Isabella Costa That s'a really important point that could save a lot of people unnecessary work! Quick question though - can you carry forward unused charitable deductions to future years if you don t'itemize this year? I m'wondering if it might still be worth documenting everything properly even if I take the standard deduction this time around, in case I have more itemized deductions next year.

@Isabella Oliveira Unfortunately, you can t'carry forward unused charitable deductions to future years like you can with some other types of deductions. Charitable contributions are a use "it or lose it situation" - they only benefit you in the tax year you make the donation and only if you itemize that year. However, there are some strategies to consider: you could bunch your charitable donations into alternating years to push your itemized deductions above the standard deduction threshold, or if you re'planning other major deductible expenses like (medical procedures or home improvements ,)you might time everything for the same tax year.

This is really comprehensive advice! I'm curious about the Publication 561 you mentioned - does it have specific examples for vinyl records or just general collectibles guidance? Also, when you say Goodwill's typical resale price is a good baseline, how do you actually find out what they typically sell similar items for? Do they publish that information somewhere or did you have to visit stores to research it? I'm dealing with a similar situation but with vintage books, so I'm wondering if the same principles would apply. The categorization approach you described sounds like it would work well for books too.

@Carmen Reyes Publication 561 doesn t'have vinyl-specific examples, but it covers collectibles generally with principles that apply perfectly to records. The guidance focuses on condition, rarity, and current market demand - all key factors for vinyl valuation. For Goodwill pricing research, I actually visited several local stores and checked their vinyl sections to see typical pricing $2-8 (for most albums .)You can also check their online auction site shopgoodwill.com for completed sales of similar items. Some Goodwill stores even have standardized pricing guides they follow. Your vintage books situation would definitely follow the same principles! Books might actually be easier since you can often find ISBN numbers and check current used book prices on Amazon, AbeBooks, or similar platforms. The categorization approach works great - common paperbacks, hardcover first editions, rare/out-of-print titles, etc. Just make sure to document condition ex-library (books are worth less, book club editions vs. first editions, etc. the) same way you would with vinyl condition ratings.

This is really helpful timing information! I'm in a similar situation with a large donation I made recently. You mentioned the 20% AGI limitation - could you clarify how that works exactly? Is that 20% of your AGI for just charitable contributions, or does it include all itemized deductions? And if you do exceed that threshold, do the excess contributions just disappear or can they be carried forward to future years? I want to make sure I understand this correctly before I spend too much time on documentation.

@Keith Davidson The 20% limitation applies specifically to charitable contributions, not all itemized deductions. For most charitable donations to qualified organizations like Goodwill, you can deduct up to 50% of your AGI in a single year. However, for certain types of property donations like (capital gain property ,)the limit can be 30% or 20% depending on the specifics. The good news is that if you exceed these limits, the excess charitable contributions can be carried forward for up to five years! So unlike regular itemized deductions that are use "it or lose it, charitable" contribution carryforwards give you multiple chances to use them when your income is higher or you have fewer deductions in future years. For a vinyl record donation to Goodwill, you d'typically be under the 50% AGI limit unless it s'an absolutely massive collection. But it s'definitely worth calculating, especially if you have other significant charitable donations in the same tax year. The carryforward provision makes it worthwhile to document everything properly even if you can t'use the full deduction immediately.

This is excellent practical advice! The "reconstruction inventory" approach sounds much more manageable than trying to remember every single record. I'm wondering though - when you mention asking the friend to write a letter about the collection, does that letter need to follow any specific format or include particular information to be useful for IRS purposes? Also, you mentioned being conservative with valuations to avoid scrutiny. Is there a general rule of thumb for what might be considered "too aggressive" - like if I'm valuing common albums significantly above typical Discogs sold prices, or is it more about the total dollar amount of the deduction that raises red flags? I really appreciate the frame-by-frame video review suggestion. I didn't think about going through it that carefully, but you're right that even partial identification of the collection could really strengthen the documentation.