Tax Deduction for Charitable Giving of Art

It's that horrible season of the year again! No, I'm not referring to Christmas; it's "tax season" that I'm referring to. So time for our once-a-year reminder about the option to get a tax deduction for giving art to approved charities. I guess with the way the markets are this year, many people will have more capital losses than gains to worry about, but if you're in the fortunate position of having income against which you wish to make a deduction for donations, then don't forget the one available for gifting art to charities. We wrote this article on saving taxes by donating art some years ago now, so caution you to bring yourselves up to date on any changes that may have happened to the rules, Congress being the perfect example after all of the truth in the saying that "Idle hands are the devil's workshop".

Happy Holidays and Happy Tax Season!

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