Compare donating art to adopting art: both require planning.
Locate a qualifying institution to accept the item.
Pass the related use test.
Arrange for an appraisal not more than 60 days ahead of the date of gift.
Obtain a letter of acceptance dated prior to December 31 of the year you plan to take the deduction.
Deliver the property to the institution.
Want to make sure what you are about to read is correct? Get the IRS publications 1) 526 Charitable Contributions and 2) 561 Determining the Value of Donated Property. You can get these publications on the Internet at www.irs.ustreas.gov or you can call 800-TAX-FORMS (800 829-3676) to order them.
Publication 526 specifies that a charitable contribution is a donation or gift to, or for the use of, a qualified organization. A qualified organization is a nonprofit group that is religious, charitable, educational, scientific or literary in purpose or that work to prevent cruelty to children or animals. The amount is generally limited to 50% of your adjusted gross income, but in some cases 20% and 30% limits may apply. The detailing of which of these limits applies is on page 9 and...
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