Artwork Donations

Navigating the tax landscape when donating works of art to charity

Charitable, Contributions, Deductions, Donations, Tax Deduction / By Douglas Freeman

If you own a valuable piece of art or other property, you may wonder how much of a tax deduction you could get by donating it to charity. The answer to that question can be complex because several different tax rules may come into play with such contributions. A charitable contribution of a work of …

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The tax deduction ins and outs of donating artwork to charity

Charitable, Donations, Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Deduction, Tax Planning, Tax Savings, Uncategorized / By Douglas Freeman

If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes you’d owe if you sold the property. The extra benefit …

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