Selling your Fine Arts is Not always the way to go. Yes, once it is sold you will have increased your finances; however, that is just one way to address this situation. There is another way, you may not see a financial benefit right away, once you gift the artwork, but you can definitely use the Appraised Value to get a Tax Deduction for the year. This is something to think about, especially, if you find yourself owing the IRS at the end of the year.
Here are a some thigs to think about when deciding on a Non-Cash Charitable Contribution:
1.) There is much less time and effort involved in this process than when Selling your artwork.
2.) You may take the entire Appraisal amount as a tax credit under Charitable Giving: Please, check with your C.P.A. on this, as TAX laws change each and every year.
3.) In order to receive the most on your Tax Deduction, you have to have an Appraisal by an accredited appraiser. Otherwise, you will only get to write off the value the Organization (Doneé), sells it for, or auctions it off as, this can be a major dilemma for you. A current appraisal NEEDS to be completed and the Federal Form #8283, has to be filled out and then signed by the appraiser, before you complete the Donation. This is a must.
4.) You may have questions or concerns about this process, CALL US, and we will listen to you.