If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play. Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it is unrelated to the purpose or function […]
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The tax deduction ins and outs of donating artwork to charity
Donating artwork is a great way to share enjoyment of the work with others. But to maximize the tax benefit, too, you must plan your gift carefully and follow all the rules.