Harriet Whitney FrishmuthCharitable Art Donations

Donating art to museums and other charitable organizations is gratefully accepted. However, a thoroughly researched qualified appraisal report by a qualified appraiser is necessary in order to receive the tax benefit from the IRS. These appraisals are based on fair market values at the time of the donation. They are fully researched with market comparables included, and are required for any item or group of items valued over $5,000.

When choosing a “qualified” appraiser of tangible personal property for income, estate and gift-tax purposes, a taxpayer must be in compliance with the appraisal regulations set forth by the IRS in section 170 of the Internal Revenue Code of 1986. The term “qualified” is summarized in IRS publication 561, “Determining the Value of Donated Property.”

IRS Donation Resources

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