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https://itsartlaw.org/2019/09/18/art-donations-101/
Sep 18, 2019 · Professional artists—i.e. artists who can demonstrate having gained a profit from their artworks—can generally deduct the cost of materials used to create an artwork from their taxable income as a business expense rather than a charitable …
https://www.irs.gov/publications/p561
If you claim a deduction of $20,000 or more for donations of art, you must attach a complete copy of the appraisal. See Paintings, Antiques, and Other Objects of Art, earlier. If you claim a deduction of more than $500,000 for a donation of property, you …
https://www.thetaxadviser.com/issues/2016/apr/charitable-contributions-of-artwork-primer.html
For donations of an item of art appraised at $50,000 or more, a taxpayer can request a Statement of Value from the IRS. Rev. Proc. 96-15 outlines the requirements and steps for obtaining a Statement of Value, which a taxpayer can rely on for tax return purposes.
https://www.irs.gov/newsroom/how-the-cares-act-changes-deducting-charitable-contributions
Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who don't itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations.
https://www.irs.gov/taxtopics/tc506
Jan 20, 2021 · Generally, you can only deduct charitable contributions if you itemize deductions on Schedule A (Form 1040), Itemized Deductions.
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