Many high-net-worth people personal artwork that they’re contemplating donating to a nonprofit with the expectation that the donation will qualify for a tax deduction. Advisors and their purchasers want to grasp the correct steps for documenting and valuing donations to qualify for the tax deduction. A well-executed donation ensures that each the donor and the receiving establishment profit from the transaction whereas adhering to tax legal guidelines and necessities. I’ll cowl key areas comparable to choosing the proper establishment, acquiring a professional appraisal from a professional appraiser and navigating the complexities of the Inside Income Service’s reporting necessities.
Selecting the Establishment
Earlier than making any donation, donors ought to perceive that th…
