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Itemized Deductions Schedule-A


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Old 11-21-2015, 05:00 PM
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Art work as an Itemized Deduction

I am considering donating a print to a non-profit (EIN 36-3634283 - 501 3c) organ. I want to get credit for the VALUE of the print ($1,300) not what I paid for it. The print meets the capital gain property definition and has been held more than a year. What confuses me is the related use rule. I was considering donating the print to a non-profit foundation, to use as art display in the nursing home (not to be sold for the foundations bank account). Or are the IRS rules so narrow that I Can only donate the print to some type of an art museum. Thank you for your input.



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Old 11-22-2015, 06:41 AM
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Originally Posted by hookdog View Post
I am considering donating a print to a non-profit (EIN 36-3634283 - 501 3c) organ. I want to get credit for the VALUE of the print ($1,300) not what I paid for it. The print meets the capital gain property definition and has been held more than a year. What confuses me is the related use rule. I was considering donating the print to a non-profit foundation, to use as art display in the nursing home (not to be sold for the foundations bank account). Or are the IRS rules so narrow that I Can only donate the print to some type of an art museum. Thank you for your input.
As the item is capital gain item, then, you may deduct the fmv of the art work only if you held it for more than one year, otherwise you need to claim the original cost.To claim the FMV of the item, you need to donate the item to the charity to be used for its tax exempt purpose. If not, you may claim only the basis of the item;capital gain item is an item that’d generate a capital gain if you sold it.Non-cash donations are subject to special valuation rules,and careful record-keeping is required; If you donate more than $500 worth of Non-Cash Contributions, you need to fill out Form 82839 and you also need an written acknowledgment of your contribution from the charity) and you need to include this with your tax return. When you donate art you are entitled to a Fair Market valueTax Deduction based on a current appraisal of your artwork.
You will need to itemize your tax deductions in order to claim any charity So unless you itemize your deductions on SChA of 1040, you can not claim the donation on your return



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