Dear colleagues:
What deduction limitations exist for a donor if donor were to donate an artwork to a non-profit organization, such as a museum, with the understanding that the art would be sold by the museum for operational support? Under this circumstance, can the donor deduct the full fair market value of the artwork?
I do understand that, under the circumstance described above, in IRS Form 8283 the museum would have to indicate that the charitable contribution would be for an 'unrelated use.'
I look forward to your responses. Your responses can be also emailed directly to me at nvalentin@elmuseo.org.
Thank you.
Noel Valentin
Permanent Collection Manager
El Museo del Barrio
1230 Fifth Avenue
New York, NY. 10029
212 660 7120 voice
347 749 4890 mobile
212 831 7927 fax
nvalentin@elmuseo.org
www.elmuseo.org
Noel Valentin
Permanent Collection Manager
El Museo del Barrio
1230 Fifth Avenue
New York, NY. 10029
212 660 7120 voice
347 749 4890 mobile
212 831 7927 fax
nvalentin@elmuseo.org
www.elmuseo.org
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