I’m purchasing and donating a 325g to a artists studio non-profit and need to have some comps on the value for my 2011 taxes. Apparently the IRS likes to see comps and won’t just accept the receipt for what I paid as a full picture of monetary value.
The press has new rollers and is in excellent condition, reworked head to foot, missing no parts. Can anyone offer some comparison figures from sales they’ve seen in the past? many thanks in advance.
Having to get “Opinions of Value with Comparables Attached’ recently for other items, I’d say the problem is that there are so few published sales records, or even sale advertisements, of Vandercooks to use as comparables. Realty, books, artwork, all have recorded sales accessed by the Internet and accepted as legal proof. Would an eBay auction or a BriarPress ad have the same weight? I doubt it.
I suspect the IRS would prefer the receipt for what you paid for it rather than “comps.” Assessments of value have to be backed up by someone willing to go to court to do so. And they would generally charge for this potential inconvenience.
*edit – perhaps that’s the one you’re buying – – small world, sorry!
I believe Steve Robinson of Letterpreservation has one for sale right now, and has sold some recently. He keeps his finger on the market value pretty reliably.
His figures are for reconditioned presses typically, so they’re generally top-dollar.