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Someone online said you can donate art and write off $100K on your taxes. Sounds cool, right?
Just one problem…it’s completely wrong unless you follow the actual IRS rules.
You need a qualified appraisal (not just your buddy saying it’s valuable), you must give up control of the asset, and it better be used for a nonprofit’s mission—like a museum, not your living room. Oh, and don’t forget Form 8283.
Skip a step, and you’re practically inviting the IRS to come knocking.
#taxadvice #taxtips #contributions
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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