[WSBAPT] Valuation of artwork donations

[Jennifer Sohn]

Hi John, thanks for that information. I found information about Forms 8282
and 8283, which I believe are informational returns for noncash charitable
contributions. And, for artwork over $5,000, it appears that an appraisal
is needed. Is that correct?

And, someone who came to the auction purchased the artwork, and my
understanding is that he is able to deduct any excess amount he paid over
the FMV... Do we need an appraisal to provide a receipt to the purchaser?

Thanks so much~

Best regards,

Jennifer

On Thu, Feb 16, 2017 at 12:26 PM, John Creahan <john at cairn-law.com> wrote:

> 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
>
> *Now located in the heart of Fremont *3417 Evanston Ave. N, Suite 312
> Seattle, WA 98103
> 206-578-5877 <(206)%20578-5877>
>
>
>
>
>
> *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 <(425)%20522-3861>
>
> Fax: 425.732.9748 <(425)%20732-9748>
>
> Email: jennifer at sohn-law.com
>
> http://www.sohn-law.com
>
>
>
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-- 

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

http://www.sohn-law.com



Confidential. This electronic mail transmission and any accompanying
documents contain information belonging to the sender which may be
confidential and legally privileged. This information is intended only for
the use of the individual or entity to whom this electronic mail
transmission was sent as indicated above. If you are not the intended
recipient, any disclosure, copying, distribution, or action taken in
reliance on the contents of the information contained in this transmission
is strictly prohibited. If you have received this transmission in error,
please delete the message. Thank you.



Circular 230 Disclaimer. Any U.S. federal tax advice contained in this
communication (including any attachments) is not intended or written to be
used, and may not be used, for the purpose of (i) avoiding penalties under
the internal revenue code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed herein.
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