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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6181
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I wish to make a donation of fine art I own to a museum

Customer Question

Hello- I wish to make a donation of fine art I own to a museum locally in my area, who is prepared to provide me a "Deed of Gift" confirmation before Dec. 31 for 2015 tax credit. My question is that the appraised value is $9000 - and I know that appraisal documentation will be necessary when filing - but how much credit would this be in actual dollars toward my tax return bill? I was laid off in June 2013, so my total Gross Income for the year is approx. $30,000. Thank you.
Submitted: 11 months ago.
Category: Tax
Expert:  Stephen G. replied 11 months ago.

Well that will depend upon your other income & deductions, filing status, exemptions, etc., but probably not all that much with only that $30,000. of income as the charitable contribution deduction is not a credit it is a deduction, so how much it is worth depends upon all those other factors taken together, which will determine your tax rate for 2015. If you expect to go back to work in 2016, you may want to wait until after the first of the year to make the contribution. How much did you pay for the art originally? I would need all that other information to make any type of a reasonable estimate of how much the contribution was actually worth in tax dollars.

Customer: replied 11 months ago.
Thank you. I now understand that the credit is directly related to taxable income for the year. (more income, more credit.) :-)
Expert:  Stephen G. replied 11 months ago.

Yes, sort of. But remember it is an Itemized Deduction not a Tax Credit.

Expert:  Stephen G. replied 11 months ago.

Please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

Expert:  Shayne-cssm replied 11 months ago.
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Expert:  Stephen G. replied 11 months ago.

Do you have a follow-up question I can respond to or do you want to provide the additional information I indicated in order to enable me to give you a more specific answer as to the value in tax savings of your potential charitable contribution?

Please remember to rate my response as that is the only way we receive credit for our work.

Steve G.