Artist-Museum Partnership Act
(Artist Fair Market Value Deduction Bill)
According to present IRS regulation, artists are only allowed to
take off the cost of the frame and canvas on their taxes when they
donate their work to a museum.
The only legal way around this is an artist's relatives may take
off the retail value of the works if they donate the artists' works.
Artists themselves may exchange works with other artists and each
donate the others works for the full retail value. In both cases
you must have: (1) IRS recognized museum; (2) formal written appraisal;
(3) the appraiser supply you with the IRS required forms.
We are able to provide both a guaranteed IRS museum and an appraisal
guaranteed to be accepted by the IRS. We are the only appraisers
able to give you this important protection for artist donations.
There is a bill before Congress to allow artists to donate their
own works at the full retail value. (Artist-Museum Partnership Act,
or Artists Fair Market Value Deduction Bill).
For over 38 years artist donations has been our specialty. Our
staff consists of artists like you. We speak your language. When
it comes to artist donation, we're the country's largest and oldest
specialists. Don't talk to strangers! Come to us, your friends.