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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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