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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 117370
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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Hi Paul, A friend of mine has a piece of Art he purchased

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Hi Paul,
A friend of mine has a piece of Art he purchased approx 15 yrs ago for $5,000.00 he bought it from the owner and has his receipts from where the seller purchased and the price he paid for the Art, he does not have a bill of sale he can't recall if he paid him cash or by check, he does have witnesses including the x-wife of the seller that he paid for the Art and that is not an issue except he would now like to donate the Art so he can benefit from the appreciated current appraisal for a tax write off, he now believes the seller sold him the Art cheap because he needed the quick cash,he thinks the seller is currently out of the country, he may be able to get a bill of sale but not sure; but knowing what he now knows he is concerned the seller was avoiding paying income tax and sold all his personal belongings.and took off with the cash. he is not sure what he should do if anything, what would you advise?
He should do nothing, after 15 years the IRS does not expect people to have receipts and it is understandable. All he has to do is list his purchase price and what the seller did or did not do is not your friend's issue.

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