What You Need To Know About Gifting or Donating Fine Objects

[vc_row][vc_column width="1/1"][vc_column_text disable_pattern="true" align="left" margin_bottom="0"]

Like with any gift, charitable gifting is about more than just the object. It is important to determine the intended user or benefactor of your gift. To receive an IRS tax deduction, one must donate to a qualified organization, as opposed to a specific person. There are multiple factors that define a "qualified organization," but two of the major ones are that the group must be a registered 501c3 and a public tax-exempt organization. Furthermore, this non-profit must agree to accept the items that you wish to donate.

[/vc_column_text][mk_image src="https://themagnussongroup.com/wp-content/uploads/2015/12/pillow.jpg" image_width="800" image_height="350" crop="true" svg="false" lightbox="false" frame_style="simple" target="_self" caption_location="inside-image" align="left" margin_bottom="10"][/vc_column][/vc_row][vc_row][vc_column width="1/1"][mk_fancy_title tag_name="h2" style="false" color="#393836" size="14" font_weight="inherit" font_style="inhert" letter_spacing="0" margin_top="0" margin_bottom="18" font_family="none" align="left"]

When is an appraisal of a donated collection necessary?

[/mk_fancy_title][vc_column_text disable_pattern="true" align="left" margin_bottom="0"]

There are many types of appraisals. Knowing which is appropriate for your purpose can save you time and (more importantly) money!

Donations for IRS tax deductions require an appraisal if the collectibles are over $500. However, the value of the possible tax deductions can vary depending on a variety of factors, such as the correlation between the gift and the mission of the recipient.

[/vc_column_text][mk_fancy_title tag_name="h2" style="false" color="#393836" size="14" font_weight="inherit" font_style="inhert" letter_spacing="0" margin_top="0" margin_bottom="5" font_family="none" align="left"]

When  thinking about gifting, it is important to ask...

[/mk_fancy_title][vc_column_text disable_pattern="true" align="left" margin_bottom="0"]

What is your intention by donating the objects?

Do you intend to donate funds for maintenance of the donated property?

What are the consequences if the organization wishes to sell the contents of your donation?

A qualified appraiser can help you navigate the nuances of the donation process.

[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/1"][mk_gallery images="8596,8597,8598" style="grid" column="3" image_size="crop" height="500" hover_scenarios="fadebox" item_spacing="8" margin_bottom="20" frame_style="simple" disable_title="false" image_quality="1" pagination="false" count="10" pagination_style="1" order="ASC" orderby="date" item_id="1450479555-56748fc3b1187"][vc_column_text disable_pattern="true" align="left" margin_bottom="0"]

From all of us, to you and the ones you hold dear, have a very happy and healthy holiday season!

[/vc_column_text][vc_separator color="grey" align="align_center"][mk_fancy_title tag_name="h2" style="false" color="#393836" size="14" font_weight="inherit" font_style="inhert" letter_spacing="0" margin_top="0" margin_bottom="18" font_family="none" align="left"]

Professional Consignment Services

[/mk_fancy_title][vc_column_text disable_pattern="true" align="left" margin_bottom="0"]

We are always accepting quality consignments of fine and decorative arts. Our team of appraisers and experts analyze current market trends to determine the most appropriate sales venue for your items.

We negotiate for competitive commissions and advocate as experts on your behalf. The Magnusson team will confidentially work with you to maintain your fiduciary responsibility.  We are the connectors between the collectors.

[/vc_column_text][/vc_column][/vc_row]

---

Co-Authors: Lynn Magnusson, ASA, AAA and Becky Lipnick, Communications Coordinator