Gift Your Instrument
CelloBello is continually working to find new ways to fund our service so to create a global community for all cellists that is accessible for all.
Along our journey, we have discovered that fine instruments are often appreciated assets similar to other investments. Gifting your instrument to CelloBello presents a great opportunity to support our efforts while also providing you a personal benefit. We receive the value of the instrument, your gift is tax-deductible AND you avoid paying tax on the capital gains if you were to sell the instrument yourself.
If you have interest in donating a cello (or other string instrument) of value and would like more information about CelloBello’s Donate a Cello program, please contact Donate a Cello and a CelloBello staff member will be in touch shortly to discuss with you the next steps.
What Will CelloBello Do With My Gifted Cello?
Like other appreciated assets such as stocks and cryptocurrency, CelloBello generally liquidates non-cash gifts soon after receiving them so to provide you, the donor, with a receipt for the actual sales value of the donation, and to provide CelloBello with the financial resources it needs most in order to sustain our program offerings and other valuable resources.
Tax Deductions for Donated Cellos
CelloBello is designated as tax exempt status under section 501(c)(3) of the Internal Revenue Code; therefore, donations of cash and goods are tax deductible. EIN: 82-3653547.
CelloBello is unable to provide tax advice, and we recommend that you consult a tax specialist to clarify guidelines for donating an instrument. It is the responsibility of the donor to determine the fair market value of the instrument, and for claims of more than $5,000, you must have the instrument formally appraised. As the beneficiary of the donation, IRS regulations prohibit CelloBello from providing an appraisal. Unless an appraisal is provided to CelloBello from a third-party technician, the tax receipt will acknowledge the donation with a description of the instrument, without stating a value. At which point CelloBello is able to sell the instrument, a receipt for the actual sale amount is also available.
The following IRS links may be useful to you.
While our current cello donation program is based on the sale of your gifted instrument, CelloBello is exploring other options to ensure that more cellos are donated to dedicated young musicians who are currently unable to afford an instrumental rental or purchase on their own. Stay tuned to this page for updates.