NewsColleen Spain was a guest on The Money Path podcast, hosted by Todd M. Schoenberger, CEO of CrossCheck Media Inc., discussing the rules surrounding high-value noncash charitable contributions.
On the podcast Colleen discusses how donors should value luxury assets, why the charity’s eventual use or sale of donated property can matter, what responsibilities nonprofits assume when accepting these gifts, and the mistakes that can potentially jeopardize an expected deduction. For artwork, the rules become even more detailed: the IRS says an art deduction of $20,000 or more generally requires the qualified appraisal to be attached to the return.
Watch the video here:
