Gifts of Art

When appreciated art is given to us, capital gains taxes can be completely avoided and the full fair market value of the property is generally deductible as a charitable contribution.

Gift of a Fractional Interest in Art

Federal tax laws let donors take a charitable deduction for gifts of fractional interests in art. This type of gift can be especially rewarding for donor(s) who wish to gift their art to the Museum but cannot take advantage of the entire charitable deduction over the legally mandated IRS 6 year period.

Example: Mary and Jim own a $500,000 piece of appreciated art they would like to gift to the Museum. They can give our institution a 50% interest in the art now, secure a current tax deduction for the value of our current interest in the property, and gift the remaining 50% within 10 years, taking full advantage of the entire charitable deduction.

Outright Gifts of Art

Individuals may have a desire to donate one or more pieces of art to the Museum now. Art accepted by the Museum will add to our permanent collection and will not likely be sold. Accordingly, your gift of art is used for a “related purpose”, and as such will be fully deductible by you at its current appraised market value. Donors are solely responsible for obtaining their own certified appraisals in substantiating their deduction. Our curators can preview the art beforehand and determine its acceptability into our permanent collection. They can also offer names of appraisers for your consideration.

Bequests of Art

It is not uncommon for individuals to name The San Diego Museum of Art to receive one or more pieces of art as a bequest from an estate. We are truly grateful to these individuals for their generosity. In some cases however, the Museum is reluctant to accept its bequest in part or in full because the artwork left to us may not fit properly into our permanent collection. Likewise, the Museum may be reluctant to accept its bequest and later consider selling unwanted pieces for cash to augment our acquisition fund, primarily because of the intricate logistics of re-selling accessioned art. If you have intentions to leave one or more pieces of art to the Museum in your estate plan, we kindly ask that you consider having one of our curators view it beforehand to assure it will be accepted at the appropriate time.
 

For more information about Gifts of Art, contact our Planned Giving Center.