How to Donate Your Engagement Ring

Getting rid of an engagement ring may not be the happiest prospect for a woman, especially if they are no longer with the man who gave it to them. But even though it can be a sad time, it is possible to use the ring to do something positive for others. This can come by donating the ring. There are many non-profit groups that auction things like rings in order to raise money for their cause. Once you know where you would like to donate it and what the tax ramifications are, the process can be completed quickly.

Instructions

1

Get the ring appraised at a licensed jewelry appraisal establishment. You'll need to know how much the ring is worth for tax reasons. Also, jewelry is listed as a "Capital Gain" on income tax forms because the value can increase or decrease over time.

2

Contact the organization that you intend to donate the ring to and ask them if they would like a donated ring for auction or sale. If the organization can't sell it, you won't be able to deduct the donation on your taxes.

3

Consult a tax professional (this consultation will also be tax deductible) and use the appraisal price to find out how much you can actually deduct.

4

Donate the ring to the charity of your choice.