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twinb1201
twinb1201, Appraiser & Author
Category: Appraisals
Satisfied Customers: 7983
Experience:  25 years of appraisal experience. Author of 3 books on collecting; President of Association of Online Appraisers.
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On Nov 8, 2008, at the Santa Fe Art Auction, I bought a

Customer Question

On Nov 8, 2008, at the Santa Fe Art Auction, I bought a 3-Figure Study by Olive Rush [framed 11"x10", graphite and colored pencil on paper, signed]. I am interested in donating the piece to the Santa Fe Friends Meeting, which inherited Olive Rush's house and has a number of her works hanging there. Hammer $500, total $647.63. How can I inexpensively determine the value, for income tax purposes?
JA: Thanks. Can you give me any more details about your issue?
Customer:***@******.*** Santa Fe, NM
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Submitted: 9 months ago.
Category: Appraisals
Expert:  twinb1201 replied 9 months ago.

hello,

My name is ***** ***** I'm happy to help.

The tax deduction for art is based on the fair market (private sale or auction) value of the artwork. Since the fair market value of your drawing is $647.63, that is the amount the IRS will use to determine your deduction for the donation.

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Expert:  twinb1201 replied 9 months ago.

Hi,

I am just checking in to see if you have any additional questions about this item. I need your positive rating! Could you very kindly rate my services (with the stars or "accept" button) as this is how I get paid by JustAnswer, at no extra cost to you.

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