Artwork gift to non profit Donation Forms

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Commonly Asked Questions about Artwork gift to non profit Donation Forms

Generally, if you donate art or collectibles to a charity that does not use the gift as part of its charitable purpose, then your deduction is limited to the lesser of cost basis (the value at which you acquired or inherited the art) and fair market value.
For any contribution of $250 or more (including contributions of cash or property), you must obtain and keep in your records a contemporaneous written acknowledgment from the qualified organization indicating the amount of the cash and a description of any property other than cash contributed.
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.
Use Form 8283 to report information about noncash charitable contributions. Do not use Form 8283 to report out-of-pocket expenses for volunteer work or amounts you gave by check or credit card. Treat these items as cash contributions. Also, do not use Form 8283 to figure your charitable contribution deduction.
These documents should include the churchs name, the donation amount, the date of the contribution and a statement confirming whether any goods or services were provided in exchange. Bank statements and checks: Keep copies of bank statements or canceled checks that show the date and amount of each cash donation.
Failure to attach Form 8283 to the income tax return may result in a disallowance of the charitable contribution deduction. For a contribution of property of more than $500,000, the qualified written appraisal generally must be attached to the return when filed.
Form 8283 is filed by individuals, partnerships, and corporations. C corporations. C corporations, other than personal service corporations and closely held corporations, must file Form 8283 only if the amount claimed as a deduction is more than $5,000 per item or group of similar items.
Artwork considered to be a non-charitable use asset must be valued on an annual basis. For the year of donation, as a practical matter, the appraised value at the date of contribution (or not earlier than 60 days before the date of contribution) often becomes the date and value used for assessment purposes.