smithms176
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March 2016
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Anyone have experience donating art?, by smithms176 on Jun 27, 2018 0:06:11 GMT 1, Hello, I have a couple of pieces I am considering donating to a worthwhile charity and wondering if anyone has ever donated art and had any recommendations for a charity experienced in handling works of art? Also curious how such donations are treated for tax purposes. I am in LA so would love it if I could find a place in SoCal. Any suggestions or ideas would be appreciated. Thanks everyone.
Hello, I have a couple of pieces I am considering donating to a worthwhile charity and wondering if anyone has ever donated art and had any recommendations for a charity experienced in handling works of art? Also curious how such donations are treated for tax purposes. I am in LA so would love it if I could find a place in SoCal. Any suggestions or ideas would be appreciated. Thanks everyone.
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qest
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March 2018
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Anyone have experience donating art?, by qest on Jun 27, 2018 0:18:27 GMT 1, No doubt there are some good charities in SoCal who would also be qualified to steer you through the process. Here are the IRS guidelines.
Paintings, Antiques, and Other Objects of Art
Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Examples of information that should be included in appraisals of art objectsโpaintings in particularโare found later under Qualified Appraisal.
Art valued at $20,000 or more. If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request.
Art valued at $50,000 or more. If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. You must request the statement before filing the tax return that reports the donation. Your request must include the following.
A copy of a qualified appraisal of the item. See Qualified Appraisal, later.
A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Add $250 for each item in excess of three.
A completed Form 8283, Section B.
The location of the IRS territory that has examination responsibility for your return.
If your request lacks essential information, you will be notified and given 30 days to provide the missing information.
Send your request to:
Internal Revenue Service
Attention: Art Appraisal (C:AP:ART)
P.O. Box 27720
McPherson Station
Washington, DC 20038
www.irs.gov/publications/p561#idm140501147889776
No doubt there are some good charities in SoCal who would also be qualified to steer you through the process. Here are the IRS guidelines. Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Examples of information that should be included in appraisals of art objectsโpaintings in particularโare found later under Qualified Appraisal. Art valued at $20,000 or more. If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. Art valued at $50,000 or more. If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. You must request the statement before filing the tax return that reports the donation. Your request must include the following. A copy of a qualified appraisal of the item. See Qualified Appraisal, later. A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Add $250 for each item in excess of three. A completed Form 8283, Section B. The location of the IRS territory that has examination responsibility for your return. If your request lacks essential information, you will be notified and given 30 days to provide the missing information. Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P.O. Box 27720 McPherson Station Washington, DC 20038 www.irs.gov/publications/p561#idm140501147889776 |
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smithms176
New Member
Posts โข 11
Likes โข 19
March 2016
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Anyone have experience donating art?, by smithms176 on Jun 27, 2018 0:22:43 GMT 1, No doubt there are some good charities in SoCal who would also be qualified to steer you through the process. Here are the IRS guidelines. Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Examples of information that should be included in appraisals of art objectsโpaintings in particularโare found later under Qualified Appraisal. Art valued at $20,000 or more. If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. Art valued at $50,000 or more. If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. You must request the statement before filing the tax return that reports the donation. Your request must include the following. A copy of a qualified appraisal of the item. See Qualified Appraisal, later. A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Add $250 for each item in excess of three. A completed Form 8283, Section B. The location of the IRS territory that has examination responsibility for your return. If your request lacks essential information, you will be notified and given 30 days to provide the missing information. Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P.O. Box 27720 McPherson Station Washington, DC 20038 www.irs.gov/publications/p561#idm140501147889776
Awesome thank you!!
No doubt there are some good charities in SoCal who would also be qualified to steer you through the process. Here are the IRS guidelines. Paintings, Antiques, and Other Objects of Art Your deduction for contributions of paintings, antiques, and other objects of art, should be supported by a written appraisal from a qualified and reputable source, unless the deduction is $5,000 or less. Examples of information that should be included in appraisals of art objectsโpaintings in particularโare found later under Qualified Appraisal. Art valued at $20,000 or more. If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the signed appraisal to your return. For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request. Art valued at $50,000 or more. If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. You must request the statement before filing the tax return that reports the donation. Your request must include the following. A copy of a qualified appraisal of the item. See Qualified Appraisal, later. A $2,500 check or money order payable to the Internal Revenue Service for the user fee that applies to your request regarding one, two, or three items of art. Add $250 for each item in excess of three. A completed Form 8283, Section B. The location of the IRS territory that has examination responsibility for your return. If your request lacks essential information, you will be notified and given 30 days to provide the missing information. Send your request to: Internal Revenue Service Attention: Art Appraisal (C:AP:ART) P.O. Box 27720 McPherson Station Washington, DC 20038 www.irs.gov/publications/p561#idm140501147889776Awesome thank you!! |
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