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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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I had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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Wilmington NC CPA discusses Valuing Art for Charitable Giving: IRS Schedule A

A Wilmington NC CPA discusses art valuation for the IRS

A Wilmington NC CPA discusses art valuation for the IRS. If you'd like a free initial consult, please call us at (910) 399-2705.

The IRS states that in 2006, tax payers claimed itemized deductions (for charitable giving) on 147,896 items of art, valued at $1.22 Billion.  That’s a lot of art work and these stats don’t include works of art valued in Estates.  Sometimes, the tax issues are straight forward and analogous to donating a used arm-chair to Good Will:

  • Donate art to the Cameron Museum (we’re lucky in Wilmington, NC)
  • Obtain a receipt with a value.
  • Claim the deduction on Schedule A of your taxes.  

But things can get complicated fast.

As a CPA, I have no art expertise.  But the IRS does.  It maintains the IRS Art Advisory Panel, which automatically reviews tax payer claims of art valued at $20,000 or more. Your CPA can request a pre-determination value the IRS will accept through a process similar to Private Letter Rulings, if the claimed value of the art is more than $50,000.  Watch out, because the IRS fee will be at least $2500!  Remember timing of the appraisal is critical too.  If part of your Estate planning includes charitable giving, through works of art, today’s figure may not be appropriate and estimates of its future value should be factored into the calculations.

“Obviously, an appraisal is prudent when you have art that needs a valuation for tax purposes.
Gary Bode, Wilmington NC CPA and tax accountant

Note that appraisers are subject to fines of at least $1000 if they come down on the wrong side of the IRS.  Common issues in art valuation are market volatility, authenticity, true ownership, and blockage discounts.

If you need a free initial consult, please consider calling Gary L. Bode, MSA, CPA, PC at (910) 399-2705.

2 comments to Wilmington NC CPA discusses Valuing Art for Charitable Giving: IRS Schedule A

  • 2008 irs tax tables

    Federal Withholding of Income Tax – How Much is Coming Out of Your Wallet As an employee, when you are paid, so is Uncle Sam and the state government. If you are lucky enough to live in one of the few states that do not tax on income, then you are only paying the federal government. But for most of us, a portion of our ….

    • Gary Bode CPA admin

      Unfortuneately NC does impose Income Tax. Personally, I try to think of it as a fee to live in such a great place. In TN, for example, where there is no personal income tax, the sales tax is higher. In the recession, States with only sales tax suffered greater revenue losses due to decreased gross sales.

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