Tax Issues (Collections Stewardship)
The Alliance has compiled this set of tax issue resources from amongst its own offerings as well as those throughout the nonprofit and museum sector.
Museum magazine shares information about the ownership of doorstep donations, and associated laws. The article also provides guidance on implementing consistent, clear, straightforward policies on the topic.
Museum magazine explains the obligations and role of the museum as a donee and provides information on title transfer, charitable contributions, appraisals, documentation and tax advice. It also outlines the donation process and common procedures. This article is excerpted from the publication To Give and To Receive: A Handbook on Gifts and Donations for Museums and Donors.
The Internal Revenue Service (IRS) provides access to Form 8282: Donee Information Return that organizations must complete if certain donated property is sold, exchanged or disposed of within 3 years of its donation.
The Internal Revenue Service (IRS) website provides access to several relevant publications and forms (PDF). Form 8283: Noncash Charitable Contributions must be signed by the museum to acknowledge receipt of the gift.
The Internal Revenue Service (IRS) website provides access to several relevant publications and forms (PDF). Publication 1771: Charitable Contributions–Substantiation and Disclosure explains the requirements in simple terms.