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Yazzy’s Fine Art Money Saving Tax Deduction Program

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Uncover the Hidden Value in Your Art

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Do you have a Verdult painting and want to get the full value out of the painting as well as do some good in this world? Then consider participating in Yazzy’s Fine Art Charitable Tax Deduction Program.

Here is an opportunity to get the full market value out of your artwork and do some good in this world too!

One of the biggest advantages of donating art is the long-term capital gains rate, which remains at 28% for fine art and collectibles. Stocks or other liquid investments have a capital gains rate of only 15%.

The program is designed to help individuals and businesses get the full market value out of their assets while getting a tax break and helping a worthy Charity or non-profit organization. Yazzy's Charitable Tax Donation Program is designed to help art lovers and investors with Verdult paintings as well as those owning other art to get market value out of their investment.

Wealthy individuals have been donating art to museums and other organizations for years and have received acceptable and legitimate tax write-offs.

While known to be the exclusive domain of the wealthy, tax payers with modest incomes as well as businesses can participate in the Charitable Donation program and receive a significant tax write-off.

Each individual’s situation is obviously different, but done properly; a significant tax write-off is possible. In some cases the tax write-off can amount up to 50% of your annual gross income with amounts being carried forward until you have used up the full amount of the write-off.

   

In most cases the write-off amount is based upon the fair market value of your artwork as determined by a qualified and competent appraiser providing an appraisal for tax purposes. For example, you may have acquired a Verdult painting at auction in year 2005 for $3,500; and based upon a fair market appraisal by a qualified appraiser, the fair market value of the painting is now $27,000.00.

Depending upon your gross income, and regardless of the $3,500 price initially paid, you may be entitled to the full deduction of $27,000.00. As long as you donate the artwork in accordance with the applicable laws to a qualifying agency who will use the art for a reasonable purpose in accordance with its mission.

In addition to having acquired the painting and held it for over 12 months there are other rules that apply and must be met before the write-off can be taken.

Contact us to see how you can uncover the full value of your artwork – and help out in this world as well.

Who can participate in the program?

Individuals who have purchased artwork from us in the past and want to get the full value out of their art by receiving a tax write-off by donating their art to an acceptable tax exempt charity.

And

Individuals who want to take the writeoff but do not have the art. We will sell you the art at a very reasonable price so you can take the full writeoff allowed.

How does the program work?

The IRS allows a tax write-off for art donated to a qualified tax exempt entity that will reasonably use the art donated in meeting the mission of the organization.

In order for the write-off to be acceptable certain rules must be followed. For example, the art must be held for over 12 months before donating; if the art is valued over a certain amount an appraisal from a qualified appraiser must be obtained; certain forms must be completed; and the art must be donated to a qualified tax exempt organization.

Yazzy’s Fine Art Charitable Tax Deduction Program is designed to walk you through these steps.

What do we do?

  • Yazzy’s Fine Art Charitable Tax Donation Program will walk you through the steps required to properly donate your artwork.
  • We will refer you to an acceptable and IRS approved appraiser who will work with you and your CPA and or accountant to complete the proper IRS tax forms and provide an appraisal in accordance with IRS directives.
  • We will match you with appropriate tax –exempt organization that can benefit from your donation; and that have agreed to use the art in a manner consistent with rules established by the IRS.
  • The Program allows you to have the proper forms required by the IRS and signed by the appraiser and a representative of the charity.
  • We will provide the proper documents and assistance to facilitate your donation and receipt of your tax-write-off.
  • Why is it important to have the right match with a proper tax-exempt organization?

If you do not have the right match, a qualified tax-exempt entity that will use the art in accordance with its mission for at least three years, your write off maybe rejected, or at a later date you may be subject to recaptured penalties.

Why Donating Makes Sense:

  • Donating art can provide you with possible benefits such as:
    • Reduction of tax on capital gains on appreciated assets.
    • An estate and gift tax deduction.
    • The creation of a lasting legacy with a charitable organization

You will generally receive a higher income tax deduction if you donate art that has appreciated in value over the time you have owned it. This is called capital gain property. Generally, property is capital gain property if its sale at fair market value on the date of the contribution would have resulted in long-term capital gain. Capital gain property includes capital assets held more than one (1) year. The general rule is that you can usually deduct the full fair market value as of the date of the charitable contribution.

Your donation helps

  • DONATING APPRECIATED PROPERTY IS NOT LIMITED TO THE SUPER WEALTHY
    While many people think that donating appreciated property is just for the super wealthy people making large contributions, CPAs typically agree that the concept can work equally well for modest donations. If you would like advice about this charitable giving opportunity, consult with a CPA.

Why is it important to have the right match with a qualified appraiser?

The IRS places a lot of importance on appraisals completed by qualified appraisers. Failure to provide an appraisal by a qualified appraiser will cause your write-off to be rejected.

Why is it important to do things right?

There are strict rules that apply to the art donation program, if you miss a step, fail to get the proper appraisal from a qualified person, fail to get the appraisal within 60 days of your donation, or match up with the wrong tax-exempt entity you may be faced with not receiving the write-off you are entitled to – or even worse having to pay a penalty for improper actions.

What if you do not have any art?

We have Verdult paintings that we may be able to make available to you at a reasonable cost.

What if the painting is not a Verdult?

If you do not have a Verdult painting we will consider working with you on a case by case basis.

What is the range of the tax write-off?

Individuals can received write-off up to a maximum of $850,000.00

Typically the program covers individual paintings up to $49,999.00. Additional requirements stipulated by the IRS must be met for paintings whose appraised value is greater than this amount.

Federal rules and tax guidelines are subject to change. Consult your tax advisor for complete details on rules applicable to your transaction.

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Legal Disclaimer.
The information and opinions are provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult a legal professional. Additionally, by making this request you release the authors, publishers and or Corporation from any liability whatsoever resulting from your use for any purposes and or none use of  the information contained therein.