Charitable Contribution Update

[Kram BergGold]

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?

[Uncle Sam]

Charitable Contribution Update

Forgetting about the donation value for deduction purposes - what proof do they have that the artwork was donated to a charity?
I would be concerned with that first.

[Kram BergGold]

They have the proper letter

They have the proper letter stating to whom they made the contribution, the date, what they gave, and the fact that they got nothing ion return for it.

[Kram BergGold]

Part of this ? is solved

I did some reading and a valid appraisal for a donation of $5,000 or more can't be done more than 60 days prior to the donation. So clearly the 1990 appraisal can't be used. I assume my client can try claiming a $4,999 donation and try to use the 1990 appraisal to back it up. My belief is the $4,999 limit applies separately to my client and her sister.