Charitable giving is a key part of estate planning for many people. If you’re making gifts during life, generally, it’s advantageous to donate appreciated property to avoid capital gains tax. Because the top capital gains rate for art is 28%, donating art can be particularly effective. Be sure to have art appraised by a “qualified” appraiser. IRS rules detail requirements for appraiser qualifications and appraisal contents. Plus, IRS auditors are required to refer all gifts of art valued at $20,000 or more to the IRS Art Advisory Panel. Contact us to learn more.