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The Home of Evolutioneers

Donation of Art, Jewelry, Paintings, Antiques and Other Collectibles

Universe Spirit honors your consideration to donate your valuables. We aim to provide you with information important to your decision.  Please see our Contribution Guidelines and Safeguards that we have developed to keep you informed and your interests protected.  Contributing art, jewelry, paintings, antiques and other collectibles may have significant tax advantages.  Therefore, we highly recommend consulting with your tax advisor, and reviewing our Tax Guidelines. Please send us an e-mail at manage@universespirit.org with additional questions and/or to make appropriate arrangements. 

See below for category specifics:

Artwork
In most cases, the fair market value is the amount of the charitable contribution.  However, when the donor is also the artist, the contribution is limited to the donor's cost basis.   The entire interest or an undivided percentage of the entire interest must be donated in order to receive the tax deduction. The artwork must also include all copyrights to qualify for a deduction (see discussion of copyrights at IRS Publication 561 under Tax Guidelines.)

Jewelry and Gems
Because jewelry and gems are of such a specialized nature, in most cases it is imperative to get an appraisal by a specialized jewelry appraiser.  It should include the style, cut and setting of the gem, and if it is now in fashion.  The stone's coloring, weight, cut, brilliance and flaws need to be analyzed and reported.  There is a possibility that the value may increase if it was owned by a famous person.

Paintings, Antiques, and Other Objects of Collection
As with all other donations, your deduction needs to be supported by a written appraisal from a qualified, reputable source if the value is estimated to be $5,000 or more.

Items valued at $20,000 or greater:   
Deductions in the amount of $20,000 or more for donations of art, must have attached a complete copy of the signed appraisal to your return. For individual objects valued at $20,000 or more, a photograph of a size and quality fully showing the object, preferably an 8 x 10 inch color photograph or a color transparency no smaller than 4 x 5 inches, must be provided upon request.

Items valued at $50,000 or greater:
If you donate an item of art that has been appraised at $50,000 or more, you can request a Statement of Value for that item from the IRS. You must request the statement before filing the tax return that reports the donation. Your request must include the following:

Authenticity:
The authenticity of the donated art must be determined by the appraiser. Certificates of authenticity may be useful, but this depends o­n the genuineness of the certificate and the qualifications of the authenticator.

Physical condition:
Important items in the valuation of antiques and art are physical condition and extent of restoration. These have a significant effect o­n the value and must be fully reported in an appraisal. An antique in damaged condition, or lacking the original brasses, may be worth much less than a similar piece in excellent condition.

Art appraisers:
More weight will usually be given to an appraisal prepared by an individual specializing in the kind and price range of the art being appraised. Certain art dealers or appraisers specialize, for example, in old masters, modern art, bronze sculpture, etc. Their opinions o­n the authenticity and desirability of such art would usually be given more weight than the opinions of more generalized art dealers or appraisers. They can report more recent comparable sales to support their opinion.

Collections
There are many kinds of hobby collections that may be considered for a charitable donation. The most common are rare books, autographs, manuscripts, stamps, coins, guns, phonograph records, and natural history items.

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