wendybooth Posted March 7, 2009 Report Posted March 7, 2009 Taxpayer donates work of art to museum. Purchased in 1950 for $50.00 apprasial on date of donation by certified Art appraiser for $4750. Filled out 8283 and Atx is only allowing $50.00. What am I missing? I thought donated art was full appraised value deduction. I may be having brain cramps though. Quote
BulldogTom Posted March 7, 2009 Report Posted March 7, 2009 This took me a couple of minutes to figure out. On the 8283, go to the last tab on the bottom "Contrib Type". The description of the property that you entered on the form should be there. Under the heading of Property type you need to pick "Capital Gain". It will flow to the Sched A from there. Hope this helps. Tom Lodi, CA Quote
wendybooth Posted March 8, 2009 Author Report Posted March 8, 2009 Thank You Thank You Thank You!!!! That did it!!!! Quote
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