Many high -value individuals possess art that they are thinking of donating a nonprofit in the hope that donation will qualify for a tax deduction. Councilors and their clients need to understand the right steps to document and evaluate donations to qualify for tax deduction. A well -executed donation ensures that both the donor and the host institution benefit from the transaction while respecting the laws and tax requirements. I will cover key areas such as choosing the right institution, obtaining a qualified assessment from a qualified evaluator and navigating the complexities of internal income service reporting.

The selection of the institution

Before making any donation, donors must understand it …