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  • 1.  Jewelry appraisal vs. liquidation value

    Posted 07-09-2025 04:57 PM

    Hello! We received jewelry from a deceased board member's estate when she passed away. We got an appraisal and will be liquidating the jewelry. My question is on the entry of this realized bequest entry in our CRM - should we enter the actual money received once the asset is sold and the appraisal amount in the recognition field if it is more? I am hesitant to enter the appraisal amount in the gift/legal amount fields since the actual $ that we will realize is not known yet.    



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    Christie Sava
    Colorado School of Mines Foundation
    csava@mines.edu
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  • 2.  RE: Jewelry appraisal vs. liquidation value

    Posted 07-09-2025 05:03 PM
    You received jewelry - a property donation. Not cash. You need to record this as an in-kind donation and be prepared to sign an 8283. The value is the appraised value.

    John

    John Taylor Principal, John H. Taylor Consulting, LLC 919.816.5903 Big ideas; small keyboard





  • 3.  RE: Jewelry appraisal vs. liquidation value

    Posted 07-09-2025 05:44 PM

    Thank for the guidance. The donor is deceased, and our org is the sole recipient of her entire estate. Who is issuing the 8283 and is it required in this instance since she is deceased and no family are involved?



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    Christie Sava
    Colorado School of Mines Foundation
    csava@mines.edu
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    Original Message


  • 4.  RE: Jewelry appraisal vs. liquidation value

    Posted 07-09-2025 06:19 PM
    If an 8283 is required, it will come to you from the estate (by way of the Executor or Trustee). And yes, an 8283 will be required if the estate wishes to claim a charitable deduction and the value ($5,000+) warrants an 8283.

    BTW, the Estate may still need to file an 8283 if the value is over $500 but under $5,000; however, you will not see that. The only 8283s we must see (and sign) are for property gifts of $5,000+.

    But none of this concerns you. The estate will decide if an 8283 is necessary and if an appraisal is required. However, if you receive a completed 8283 and the value exceeds $5,000, you will need to sign the last section of the 8283.

    And if you sell the property indicated on the 8283 within three years, your institution will need to file an 8283.

    By the way, you should not worry about recording the appraised value regardless of what the property sells for. This is an administrative entry in your Advancement CRM. Your Business Office may handle things differently. However, from a national standards perspective for counting, you generally use the appraised value.

    John

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


  • 5.  RE: Jewelry appraisal vs. liquidation value

    Posted 07-09-2025 06:23 PM
    I meant to say you may need to file an '8282' instead of 8283. The 8282 reports to the IRS what we ultimately seel donated property for, The IRS compares (if they are inclined) the value on an 8283 to our 8282 to determine if there's a significant valuation difference.

    John H. Taylor, Principal
    John H. Taylor Consulting, LLC
    2604 Sevier Street
    Durham, NC     27705

    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message


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