Charitable Donation Appraisals

You can deduct the full fair market value of art from your taxes when you make a charitable donation to a qualified nonprofit organization. The IRS requires an appraisal to allow the tax deduction for a donation worth more than $5,000.00. For donations worth more than $20,000.00, the appraisal needs to be included with the tax return. For donations worth more than $50,000.00, that appraisal will be reviewed by the Art Advisory Panel at the IRS.

For any deduction for a gift of art, you will need to submit a fully executed Form 8283 with your tax return. All of the rules for getting a tax deduction for a charitable donation of personal property are in IRS Publication 561.

The IRS is particular when it comes to allowing for tax deductions, so you want to be sure you get the appraisal written by a specialist and you submit the Form 8283. I am a specialist and therefore qualified to write appraisals for the charitable donation of Post-War, Contemporary, and Emerging Art as well as Western Art.