Here is a copy of an advocacy article from the AAMD website that
references the IRS codes for you. If a collector donates the art,
they can claim fair market value. However, an artist can only claim
cost of materials.
http://www.aamd.org/advocacy/tax_rec.php
--
Dane F. Pollei
Director
Mabee-Gerrer Museum of Art
1900 W. MacArthur St.
Shawnee, OK 74804
ph 405-878-5622
fax 405-878-5133
www.mgmoa.org
On Thu, Nov 4, 2010 at 10:20 AM, Jamin Landavazo
<[log in to unmask]> wrote:
> Hello Listers –
>
>
>
> I’m dealing with a combination of tax situations here, and I would
> appreciate any help or advice you might be able to give. I have already
> consulted the IRS website, as well as the list archives and various Google
> searches.
>
>
>
> We have a gentleman who has completed original artwork (3 pen and ink
> sketches) that he would like to donate to the museum. He has valued the
> group of them at $195.00, and is asking for a letter from us thanking him
> for his donation (as we usually do) and also indicating this amount that he
> can use for tax purposes. In my research, I have found that documentation
> is really only needed for non-cash contributions of $5000 or more. From the
> IRS website, Publication 561 under Valuation of Various Kinds of Property:
>
>
>
> “Your deduction for contributions of paintings, antiques, and other objects
> of art, should be supported by a written appraisal from a qualified and
> reputable source, unless the deduction is $5,000 or less.”
>
>
>
> My question is this: if we issue a letter with the value he indicated, is
> there a way that this could come back to haunt us? I don’t mind issuing a
> letter, even if it’s not required for the amount that he is donating. My
> worry is that he himself provided us with the value and we have no way of
> knowing if it is accurate short of having it appraised. I feel that by
> issuing the letter we are tacitly confirming his valuation. Is this an
> issue, or am I being overly cautious?
>
>
>
> Jamin Landavazo
> Chief Curator
>
>
>
> Reno County Museum
> 100 S. Walnut
> Hutchinson KS 67501
> (620) 662-1184
>
>
>
>
> Kansas Underground Salt Museum
> 3504 E. Ave G
> Hutchinson KS 67501
> (620) 662-1425
>
>
>
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