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https://www.bnymellonwealth.com/articles/strategy/how-to-make-tax-deductible,-charitable-donations-of-artwork.jsp
Artwork must be considered long-term capital property to qualify for a tax deduction. So don't purchase a work of art with the intention of donating it so you can take a deduction that same year. In order to claim a work's current fair-market value as the value of the charitable deduction, …
https://www.thetaxadviser.com/issues/2016/apr/charitable-contributions-of-artwork-primer.html
When a taxpayer donates capital gain property, such as artwork, to a 50% limit organization (including a private operating foundation), the IRS gives the taxpayer two options. The taxpayer can use the general rule from Sec. 170 (b) (1) (C) (i)—deduct the FMV of the artwork and apply the 30% limitation.
https://pocketsense.com/art-donation-tax-deductions-7756996.html
Jul 27, 2017 · Essentially, this limits your deduction to the original purchase price of the art. However, you can deduct the full fair market value of the artwork if you limit the deduction of all capital gain property you donate during the year to 30 percent of your adjusted gross income.
https://www.irs.gov/taxtopics/tc506
Jan 20, 2021 · Topic No. 506 Charitable Contributions. Generally, you can only deduct charitable contributions if you itemize deductions on Schedule A (Form 1040), Itemized Deductions. However, for 2020, individuals who do not itemize their deductions may deduct up to $300 from gross income for their qualified cash charitable contributions to public charities, private operating foundations, and …
https://www.schwabcharitable.org/non-cash-assets/fine-art-and-collectibles
May 21, 2020 · If you are a collector or inheritor wishing to donate artwork, you should note that the IRS requires a qualified appraisal for claimed deductions of $5,000 or more. You must attach a complete copy of the signed appraisal to the tax return and, upon request from the IRS, photo documentation for claimed deductions of $20,000 or more.
https://www.irs.gov/newsroom/how-the-cares-act-changes-deducting-charitable-contributions
Taxpayers generally can deduct the fair market value of property they donate. This publication helps determine the value of donated property. Form 8283, Noncash Charitable Contributions. Taxpayers must file Form 8283 to report noncash charitable contributions if the amount of this deduction is more than $500. The instructions for this form walk taxpayers through how to complete it. Schedule A, Itemized Deductions. Taxpayers deducting donations …
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