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Charitable Donations of Art: Maximizing Impact and Tax Benefits

JSK Fine Art Appraisals

When individuals choose to share their art collections through charitable donations, a profound impact is felt not only within the art community but also in the broader sphere of philanthropy. The Power of Art Philanthropy: Charitable donations of art serve as a dynamic force for positive change.

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Evaluation to Valuation: Navigating Fine Art Appraisals

Art Appraisal Resources

Fair Market Value Appraisal One of the most common types of appraisals, a fair market value appraisal determines the price a willing buyer and willing seller would agree upon in an open market, assuming neither is under duress to buy or sell. You can learn more about insurance appraisals in this blog post.

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Charitable Donations of Art: A Few Important Rules to Know

Art Advisor's Blog

The appraisal can be done at any time after the donation is accepted up until the filing of your taxes for the year. If the appraiser is called first, the appraisal for charitable donation is only valid for six weeks prior to a donation being made. That’s still charitable giving, of course.

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What You Need to Know When Hiring a Personal Property Appraiser

Anubis Appraisal and Estate Services

Reasons of valuations for tangible property can include estate and probate purposes, equitable distribution, insurance coverage, charitable donations, dissolution of marriage, and bankruptcy. Appraisal methodology is determined with the purpose of the appraisal, different appraisal purposes will have different types of values.

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How Do I Get My Art Appraised?

Fine Art Estates

They proposed to the IRS that this new organization, made up of many the most knowledgeable and respected art dealers around the country, could help to establish consistent standards for evaluating the fair market value of artworks. Please discuss how the values for the different types of appraisals may differ and why?