You wish to make a gift during your lifetime > You hold collectible property that you no longer wish to display or maintain >You want to save both income and capital gains tax
Many charities will be receptive to gifts of artwork and collectibles that advance their missions and beautify their surroundings. Over the years, collectors have enriched the Kansas City community with gifts of paintings, sculpture, crafts, and historic books.
If you are considering such a gift, the charity of your choice will guide you in determining if the pieces advance their mission – a requirement of the IRS to qualify your gift for a charitable deduction – and in securing an independent appraisal to establish the amount of your deduction.
Note that most gifts of artwork are made to charities outright. In some limited cases, the donor may arrange for life income to be paid to him or her in return for the gift. Consult your professional advisors regarding tax consequences before proceeding with such a plan.
