CHARITABLE DONATIONS

Our appraisals are accepted by the IRS for charitable donation purposes. 

Here are a few things to keep in mind when considering a donation of art from your collection.

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• You may deduct charitable contributions of personal property made to qualified organizations if you itemize your deductions.  

 

For donations of art, the qualified organization or institution you want to make the

donation to must satisfy the IRS's related use rule.  

The related use rule requires that the any artwork donated to a charitable organization that does not use the item as part of its charitable mission, your deduction could be limited to the lesser of cost basis or the fair market value. 

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• If claiming a deduction for an item or group of similar items of donated property is more than $5,000, a qualified appraisal signed and dated by a qualified appraiser is required. 

• The appraisal should be issued no earlier than 60 days before the date of the contribution and no later than the date the tax return is due, including extensions.

• You must attach a complete copy of the signed appraisal to the tax return and, upon request from the IRS, photo documentation for claimed deductions of $20,000 or more. 

• The valuation effective date must be the date of the contribution.

ab                        *IRS regulations are subject to change, please consult with your tax advisor  

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