Family & Relationships Weddings

How to Donate Your Engagement Ring

    • 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.

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