Date: Tue, 05 Apr 2005 08:29:29 -0400
From: Jeff Kosokoff (Simmons College) <kosokoff_at_simmons.edu>
Subject: Re: Tax issues for selling books
My understanding is that you are technically supposed to hold onto
The items for 2 years, if the gift was worth more than $5000.
See: http://www.nonprofits.org/npofaq/17/21.html/
Here's an example of that (statement) integrated into a library gifts
policy from University of Florida:
http://www.uflib.ufl.edu/acqlic/ge/Giftsrevised.htm.
A gift valued at more than $5,000 must be appraised by a qualified
appraiser* as defined by the IRS (which excludes appraisal by the
donee) and the donor's tax return must include a copy of the official
signed appraisal attached to IRS Form 8283, Noncash Charitable
Contributions (available at the IRS Web site: http://www.irs.gov/ ).
For appraised gifts valued at more than $5,000, if the donee
organization disposes of the property within 2 years after the date
of receipt, the organization must file IRS Form 8282, Donee
Information Return, with the IRS and send a copy to the donor.
* Although the Library as donee cannot appraise the gift, the Library
Development Officer and the Gifts & Exchange Librarian can provide
information on local appraisers who may be considered qualified by
the IRS.
Jeff Kosokoff
Collection Development Librarian
Libraries 617.521.2747(v)
300 The Fenway 617.521.3093(f)
Boston, MA 02115 Room L305C
====================================================================
Date: Tue, 05 Apr 2005 11:17:35 -0400
From: Rosemary Burgos-Mira (Long Island U.)
<Rosemary.Burgos-Mira_at_liu.edu>
Subject: Re: Tax issues for selling books
As a nonprofit organization you're not supposed to collect tax. I
don't believe you have a problem with the donors who have already
taken a tax deduction, because they have made a donation and it your
right to use that donation in the best interests of the library. We
sell whatever gifts we can't use here in the library; it's too
complicated to get involved with third party vendors.
Rosemary Burgos-Mira
Acquisitions/Gift Librarian
B.Davis Schwartz Memorial Library
C.W. Post Campus-L.I.U.
720 Northern Blvd.
Brookville, NY 11548
(516)299-3526
(516)299-2470-fax
rosemary.burgos-mira_at_liu.edu
+++++++++++++++++++++++++++++++++
Original Message:
Date: Wed, 23 Mar 2005 17:01:48 -0500
From: Allison Mays (Millsaps College) <maysap_at_millsaps.edu>
Subject: Tax issues for selling books
We're interested in selling books through Alibris or some other
Similar vendor, but our Business Office is concerned about taxes:
specifically on books donated by individuals who have already taken
a tax deduction on those same books. Has anyone run up against this?
Thanks -
Allison P. Mays
Acquisitions/Serials Librarian
Millsaps College
1701 N. State Street
Jackson, MS 39210
601-974-1083
maysap_at_millsaps.edu
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Received on Tue Apr 05 2005 - 18:50:37 EDT