David,
I reply to your questions as
someone who has never taken a tax course but worked with an accountant for six
years preparing tax returns for five of those(he taught me everything I know).
A couple could take credit on a joint return for a
contribution given in only one spouse's name. The joint return is a gathering
and pooling of each spouse's financial information onto one return. It's the
same as including the wages from the W-2 of one spouse although none of those
wages belonged to the other. If they were to file separate returns however, only
the spouse whose name was on the contribution report would get credit for that
item.
You asked: "Alternatively, if in completing an 8283 form in which it is clear
that the couple intend to file a joint return, should the museum be concerned
that only one spouse signed the gift agreement?" No because of what I
stated earlier.
You also asked: "When several people who cannot file a
joint tax return (e.g., siblings) jointly donate a collection, does each donor
submit a separate 8283 form, claiming a portion of the appraised value?"
Yes. The amount of the collection is divided into equal shares and each person
takes a share filing the amount of his share on an 8283. So, it is necessary
that each donor is designated on the institution's contribution
report.
If I may, I'd like to piggyback onto this
thread with a different question
about new acquisitions. Can
someone give me some solid information about
gifts to museums vis-a-vis
U.S. income tax regulations? Specifically, I'd
like to know if
there is anything wrong with giving a significant donation
(in terms of
value) to a museum in the name of a single donor, then having
the donor
deduct it in a joint tax return with his or her spouse? In
other
words, is there any reason a married couple should be prohibited
from filing
a joint return if one spouse has donated a gift solely in
that person's name
(because it was owned by only one spouse, not
both)? Alternatively, if in
completing an 8283 form in which it is
clear that the couple intend to file a
joint return, should the museum be
concerned that only one spouse signed the
gift agreement? It seems
to me that it shouldn't matter. Am I right?
I'm
interested in specific regulations and guidelines, not mere
opinion. Advice
from someone experienced in this area would be
greatly appreciated.
A related question: When several people who
cannot file a joint tax return
(e.g., siblings) jointly donate a
collection, does each donor submit a
separate 8283 form, claiming a
portion of the appraised value?
Question #3: Can someone
explain to me the point of copying and resending to
the list, without
comment or response, a complete post from someone else,
including the
"important subscriber information"?
David
Haberstich
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