Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.
Art, antiques and collectibles are mentioned in portions of the Internal Revenue Code, usually with more stringent rules surrounding them. Note that by donating the same piece of art instead of selling it, you would remove the 28% capital gains tax and you would receive an income tax deduction for the appraised value of the art.
If your not-for-profit is struggling and other organizations provide similar services in your community, you may want to consider a merger. Teaming up with another nonprofit may enable you to pool resources, cut costs and possibly better serve your constituents. The right choice? A merger may be appropriate if: Your organization has experienced steady declines [...]
With proper planning, collectors can enhance the financial benefits of their art collection. If you are a serious art collector, you should be aware of the numerous tax issues related to the ownership and transfer of art and collectibles. Following is a discussion of some of the more relevant tax issues and related tax planning [...]
I recently wrote about the strict tax rules around charitable contributions. See Charitable Contributions and Tax Deductions. Below is a synopsis of the most frequently encountered charitable donation rules: Cash Contributions. No matter how small the amount, you need: A canceled check, credit card statement, or other banking record; or A receipt or other written [...]
When it comes to the tax code, some documentation requirements are flexible, while others are dictated by law and there's no exception. A recent Tax Court case illustrates the importance of following the strict charitable contribution rules. Facts of the Case. David and Veronda Durden filed a joint return for 2007 claiming a deduction of [...]
