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We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

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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Client Testimonials

I used Gary’s services to file my 2012 income tax return. This was my first year having an accountant do my return, as I have always done it myself using TurboTax. However, this year I had cancelled debt from my old primary residence which I was forced to convert to a rental property after relocating out of state.

While it didn’t cost me anything to do the short sale, the income tax consequence from the cancelled debt, roughly $50,000 in my case, was enough to move me from the 15% tax bracket to the 25% tax bracket.  Needless to say, I was concerned about that.

Finances were already tight and my husband and I are expecting our first child this fall. So the possibility of owing income tax was stressing me out. However, Gary was great at relieving my fears.

He is extremely knowledgeable, answered all my questions and was very thorough. I knew I was in good hands. He kept in constant contact with me throughout the process, keeping me updated on the progress of my return and letting me know what paperwork he needed to complete my filing.

In my mind, best case scenario would have been to not owe any taxes. Second best would be to only owe a little. Well, you can imagine my surprise and delight when Gary told me I was actually due a refund of a little over $2,700.00!

To top it all off, I found Gary’s fee for service to be fair, competitive and affordable; especially given the complexity of this type of return. I am so glad I did not try and go it alone this year. I am extremely pleased with Gary’s service and would recommend him highly to anyone, in fact I already have. If you have cancelled debt from a short sale or foreclosure, don’t freak out. Take a deep breath and call or email Gary. I am grateful I did.

Angie Falke of Holiday, FL

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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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