I have a similar question. Does any one stipulate the year in which the gift was given? For instance, items that were given on December 30, 2008 but paperwork isn't completed until January ? 2009. Letters and such would have 09 dates but the gift would be an 08 for tax purposes.
Right now we have nothing about tax deductions on our deed of gift.

Toni Kiser

-----Original Message-----
From: Museum discussion list [mailto:[log in to unmask]] On Behalf Of Wade Lawrence
Sent: Monday, January 05, 2009 12:01 PM
To: [log in to unmask]
Subject: [MUSEUM-L] Deed of gift question

Hello all,
We are revising our Deed of Gift, and our legal council wants to include some language that I would like to hear from the group about, as follows:

"Deductions for Charitable Contribution: Under current applicable law, although it may change from time to time, if Donor elects to claim a deduction for a charitable contribution of the gift, and the total claimed value of which exceeds $500, Donor must file with its tax returns IRS Form 8283. And if the value of the donation is claimed to be in excess of $5,000, and Donor elects to claim a charitable donation, then Donor must obtain a qualified written appraisal of the gift from a qualified appraiser and attach IRS Form 8283 (signed by The Museum) to your tax return. Again, since applicable law may change, questions should be addressed to the IRS or your tax advisor."

This language is more specific than I have seen in other deeds of gift. Any opinions out there?

Wade Lawrence

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