A hot one

[Kram BergGold]

My client's mother died in 2006. My client inherited some art work. The decedent had it appraised for $11,000 in 1990. My client gave it to a musuem without having it appraised. Then the musuem had a fire and the art was destroyed. The musuem wrote my client a letter explaining all this. As my client can't produce a qualified appraisal she can't complete Section B of Form 8283 so to me the most she can claim is $4,999. Any other opinions.

[Uncle Sam]

A hot one

Can your client show the $ 11,000 appraisal certificate to a current appraiser along with a narrative description as to which museum it was contributed to, which section of the museum it was displayed, how long it was displayed there, date of fire?
Maybe then an appraiser would attempt to come up with a value.

[erchess]

I guess

I have trouble believing that the museum did not have a pretty good idea what the art was worth and have it insured for that much. If they claimed that such was the case I would sue them for all they were worth. If they did admit to having a good idea what it was worth and having had it insured, then I would file my return with the value you mentioned and ask them to pay my attorneys fees plus what I was losing on my taxes by not being able to claim full value of my donation.

[WD Kebschull]

I have trouble believing that the museum did not have a pretty good idea what the art was worth and have it insured for that much. If they claimed that such was the case I would sue them for all they were worth. If they did admit to having a good idea what it was worth and having had it insured, then I would file my return with the value you mentioned and ask them to pay my attorneys fees plus what I was losing on my taxes by not being able to claim full value of my donation.

I assume gave signifies donated rather than loaned.

The client is going to sue the museum for his/her own negligence in not getting an appraisal prior to giving the art to the museum. That is an interesting legal theory!

Cheers,

WDK