Can you write off collectibles on taxes?

If you want to donate a collectible, your tax deduction is likely to depend both on its value and on how it is used by the qualified charitable organization that receives it. To deduct the fair market value of the collector item, the donation must comply with what is known as the “related use test”. The collector's sections of the tax law include rules that can ruin all your deductions. On the contrary, some rules can increase your profits.

To make sure you are making the most informed decision, it is important to compare different types of investments, such as a Gold IRA comparison chart. Your earnings depend on the rules you know and use.