Good summary.

@Culture_Crit This doesn't happen, and the fact that you're posting it shows you don't know how the art business works.

@paulg @Culture_Crit yep. for example, you can only deduct your basis (how much you bought the art for) by donating it, so $25k.

@lzrscg @paulg @Culture_Crit Source for this? Genuine Q. I’d imagine it’s different in different jurisdictions. It doesn’t seem reasonable to give relief of input cost if the art has genuinely appreciated since acquisition. Obv this example is an extreme and I’m not talking about this one specifically.

@Icarus_Flies @paulg @Culture_Crit source is i watched this entire series on youtube by russell james at texas tech, highly recommended

@lzrscg @paulg @Culture_Crit Thanks 🙏

@Icarus_Flies @lzrscg @paulg @Culture_Crit Do not rely on this please.

@harpua71burner @Icarus_Flies @paulg @Culture_Crit yep, go to a tax advisor obviously

@harpua71burner @lzrscg @paulg @Culture_Crit I used to be one so I understand the field well (when I look into it and am not mindlessly scrolling). Don’t equate me thanking a user for providing me a source I asked for, with a blind belief in the source which was provided.

@Icarus_Flies @lzrscg @paulg @Culture_Crit A random Youtube video is not a source.

@DISCOD00D @lzrscg @Icarus_Flies @paulg @Culture_Crit Deduction for donation of non-cash assets is generally allowed at FMV of the asset. There are some exceptions that would not apply based on the information given in the OP.