Charitable Contribution Update

11-21-2009, 10:52 AM

Kram BergGold Kram BergGold is offline

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Join Date: Jun 2006

Location: Cambridge, Ma

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Charitable Contribution Update

My client and her sister inherited art work in 2005. It was appraised in 1990 for $22,000.
In 2007 they donated it to a charity. However, they did not get it appraised and it was destroyed in a fire two months after it was donated. Can they each claim an $11,000 charitable gift by attaching the 1990 appraisal to the return? If the 1990 appraisal can't be used or does not meet the IRS' requirments then can they each claim a $4,999 contribution (the amount that can be claimed without an appraisal or is the amount limited to $2,499 each because the $5,000 limit is per gift an dnot per taxpayer?

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