There are a couple of answers to your question...

1) You don't have to wait. There may be, however, tax ramifications for the
donor. You probably have to supply the donor with an IRS form 8282.

2) You can hold on to the object for two years, then sell it and the
donor has no tax liability. This is all as of the last time I needed to look
this up. Laws change and I never professed to be a lawyer.

Have you had an opportunity to check directly with the IRS? Their web site
includes all the tax forms and instructions in PDF format so you can read
them on line or download them to your printer. You might begin with the
instructions for both forms 8283 and 8282.

Good luck.
[log in to unmask]

On Tue, 28 Aug 2001 09:23:29 -0500, schwenkfelder library & heritage center
<[log in to unmask]> wrote:

>Good morning:
>
>Could anyone refresh me on the length of time that a museum must wait to
deaccession if the donor has taken a tax deduction for his gift?
>
>Candace Perry
>Schwenkfelder Library & Heritage Center
>

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