What You Need To Know About Gifting or Donating Fine Objects
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When is an appraisal of a donated collection necessary?
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.
When thinking about gifting, it is important to ask…
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.
From all of us, to you and the ones you hold dear, have a very happy and healthy holiday season!
Professional Consignment Services
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.
Co-Authors: Lynn Magnusson, ASA, AAA and Becky Lipnick, Communications Coordinator
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