Tax Deduction for Fine Art Donations to Charity

It's December and you need to make charitable contributions before the end of the year to be able to deduct them against income on your 2007 tax return.

Don't forget that the 1995 Tax Act allows you to donate artwork to any IRS-approved charity at its fair market value, not at its cost basis.

In addition, this deduction falls outside of the alternative minimum tax clawback if you fall within the AMT.

Read our article on all the rules surrounding the deduction of charitable donations of art.