[WSBAPT] Valuation of artwork donations

[John Creahan]

Jennifer,
If I’m not mistaken, the charitable deduction for an artist donating her own artwork is limited to her basis – she will not receive a fair market value deduction – so I don’t think an appraisal is necessary.
Hope this helps,
John

John Creahan
www.cairn-law.com<http://www.cairn-law.com/>
Now located in the heart of Fremont
3417 Evanston Ave. N, Suite 312
Seattle, WA 98103
206-578-5877


From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jennifer Y. Sohn
Sent: Thursday, February 16, 2017 12:20 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Valuation of artwork donations

Hi, I have a non-profit organization client who holds annual auctions for fundraising. An artist donated her painting for the event, and I am wondering how we go about sending a receipt for the painting. The client is a small non-profit, and wanted to see if there are alternatives to getting a formal appraisal. If one is required, do you have any referrals to appraisers?

Thanks.



--
Best regards,

Jennifer Y. Sohn
Attorney at Law
(Licensed in CA and WA)
Sohn Law PLLC
10900 NE 4th Street, Suite 1850
Bellevue, WA 98004
Tel: 425.522.3861
Fax: 425.732.9748
Email: jennifer at sohn-law.com<mailto:jennifer at sohn-law.com>
http://www.sohn-law.com<http://www.sohn-law.com/>

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