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