Appraisal for donation and tax credit
Many physicians own a significant quantity of good medical texts, including journals, which they no longer use. Additionally, many books relating to medicine and surgery have been replaced by other media, such as CD rom. Instead of keeping these books and journals around the home or office where they just take up space and gather dust, they could be donated to a charitable organization such as "Doctors without Borders", or "Doctors of the World." (Contact information for these groups is provided below). The organization would then provide a receipt which when attached to a written appraisal can result in an income tax credit for the donating physician. This is clearly a "win-win" situation. If you are a physician who is retiring you may wish to sell or donate some or all
of your medical books.
Medical book appraisals for insurance, probate, or
other purposes.
I recommend that clients have their medical book collections appraised for insurance purposes if the value is significant. It's generally best to have them appraised before there is damage. Check with your insurance carrier, but you may need a rider attached
to the policy which lists the book collection and the appraisal.
ORGANIZATIONS TO DONATE BOOKS
Below are suggested options for donating your medical books.
Doctors of the World - USA
Founded in 1990 by a group of volunteer physicians including the late Dr. Jonathan Mann, Doctors of the World-USA is an international health and human rights organization working where health is diminished or endangered by violations of human rights and civil liberties.
Reaching out to the most vulnerable and marginalized populations, in concert with local partners around the globe Doctors of the World-USAs projects build long-term solutions addressing urgent health issues. For further information regarding making a donation:
www.doctorsoftheworld.org.
Doctors Without Borders
Médecins Sans Frontières (also known as Doctors Without Borders or MSF) delivers emergency aid to victims of armed conflict, epidemics, and natural and man-made disasters, and to others who lack health care due to social or geographical isolation.
To make a donation call their toll-free number at 1-888-392-0392, 24 hours a day, 7 days a week. You can also write to:
Doctors Without Borders USA
P.O. Box 1856
Merrifield, VA 22116-8056
website:
www.doctorswithoutborders-usa.org
West Coast Office
525 Main Street, Ste. 110
Santa Monica, CA 90405
BY PHONE (212) 679-6800
333 7th Avenue, 2nd Floor
New York, NY 10001-5004
(212) 679-6800
MSF was founded in 1971 by a small group of French doctors who believed that all people have the right to medical care regardless of race, religion, creed or political affiliation, and that the needs of these people supersede respect for national borders. It was the first non-governmental organization to both provide emergency medical assistance and publicly bear witness to the plight of the populations they served.
A private, nonprofit organization, MSF is at the forefront of emergency health care as well as care for populations suffering from endemic diseases and neglect.
MSF is an international network with sections in 18 countries. Each year, more than 2,500 volunteer doctors, nurses, other medical professionals, logistics experts, water/sanitation engineers, and administrators join 15,000 locally hired staff to provide medical aid in more than 80 countries.
Donations to local charitable organizations
For medical texts of limited value, the best option may be a donation to a local thrift store which has a book section. First check with any area hospitals or medical schools to see if they can or will accept your books. First make a list and email (or mail) it to us, so that we can determine if the value is sufficient to warrant having an appraisal for income tax purposes. In many cases, even books of modest value can provide some tax reduction.
Donations of medical books are often cost effective
The fair market value of medical books is generally significantly higher than for other categories of books. If you are a physician who has been practicing for a number of years, it is likely you have a large number of older books and bound journals in your possession which you no longer need. Some of the books may be worth in excess of $100 each. Given an average value of $50.00/volume, if you have 300 volumes to donate, the total value might be approximately $15,000.00. This translates to a tax savings of about $6,000.00. If the appraisal costs $1,900.00 your net savings would be $4,100.00.
(Note that this and other examples on this page are rough estimates of value and appraisal cost, and are intended only to give you some idea of how you can save money by donating your books. It’s best to ask your CPA if an appraisal of your books is cost effective for you. Each individual case is different, and not all medical books have a fair market value of $50.00 or more.)
If you contact me by email with a list of your medical books and journals I will provide you, at no charge, with a ballpark estimate of their fair market value and also tell you what my fee would be to do the appraisal. Send your list or questions to me at:
Booksappraised@cox.net.
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