Birdwatch Archive

Birdwatch Note

2023-08-22 20:29:31 UTC - MISINFORMED_OR_POTENTIALLY_MISLEADING

In order for the value of a donated artwork to be deducted from tax its “fair market value” must be determined by a qualified art appraiser and must be submitted to the IRS. Further restrictions are specified in the Pension Protection Act. https://www.bnymellonwealth.com/insights/how-to-make-tax-deductible-charitable-donations-of-artwork.html#:~:text=The%20donor%20must%20obtain%20a,completed%20formal%20professional%2Dlevel%20coursework.

Written by A597C21AC52EE8FF3FA4A414B57CD6D94FAAEDA42B94057B1BB66EFDF4C191D8
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• noteAuthorParticipantId - A597C21AC52EE8FF3FA4A414B57CD6D94FAAEDA42B94057B1BB66EFDF4C191D8 Participant Details
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• classification - MISINFORMED_OR_POTENTIALLY_MISLEADING
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• summary
• In order for the value of a donated artwork to be deducted from tax its “fair market value” must be determined by a qualified art appraiser and must be submitted to the IRS. Further restrictions are specified in the Pension Protection Act. https://www.bnymellonwealth.com/insights/how-to-make-tax-deductible-charitable-donations-of-artwork.html#:~:text=The%20donor%20must%20obtain%20a,completed%20formal%20professional%2Dlevel%20coursework.