The Fine Art of Donating Fine Art

What itís worth?

Appraisals must be made no more than 60 days before a gift is given!

If your return is due, but you donít yet have the appraisal, request an automatic four-month extension of the filing deadline. (Should you file without the appraisal, the IRS can disallow the entire deduction.)

The IRS will reject (will reject) the opinion of an appraiser whose fee is a percentage of the appraised value. (The appraiser must be a disinterested partyónot, for example, the dealer who originally sold you the item.)

Appraisers of personal property are not licensed, and skills vary widely . Therefore, try to find an expert in the type item to be valued. Membership in a group such as the American Society of Appraisers or the Appraisers Association of America may indicate superior ability but is no guarantee ! (A local museumís staff may be able to give you guidance.)

An appraisal fee is deductible as a miscellaneous itemized deduction, not asa a charitable deduction.

February 1994

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D.U.O Project
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