When commems are purchased, a portion of the sale is usually supposed to go to bennefit something right(Example: Lincoln Dollar)Is it possible to take a tax deduction on commems ad a donation to a worthy cause?
That's a good question but I highly doubt you can. And even if you could you would have to give it back when you sell the coin.
It is specifically stated that no tax deduction may be taken. Usually it is stated in the legislation.
If the cause were a non-profit maybe. But, you'd have a heck of a time explaining to the IRS why you wrote that off. Guy~
I don't think coin collecting is a good place to put your money if you're looking for a tax shelter. I thought starting a family was the way. Turns out you can't write off baby food or diapers either.
What Condor said. When there is an added premium to the sale price of the coin, it usually goes to a valid 501(c)3, a not for profit organization. But, it is not deductible.
Noost: I knew the answer to your question, but, honestly did not know why. Further research showed: Full text of "1. U.S. Mint's commemorative coin program : hearing before the Subcommittee on Domestic and International Monetary Policy of the Committee on Banking and Financial Services, House of Representatives, One Hundred Fourth Congress, first session, July 12, 1995" "The commemorative programs mandated by Congress have be- come raids on the purses of those collectors who purchase the coins. They thereby support the various nonprofit beneficiary organiza tions even though they are denied tax deductions that a direct do- nation would earn. " http://www.archive.org/stream/usmintscommemora00unit/usmintscommemora00unit_djvu.txt Granted this is just a sub-committee hearing about the abuses of the program and the proliferation of the commem program, but it does state the above.
