If anyone is curious, in the US this is illegal unless the charity is actively displaying the art as part of their charitable mission (I.e. a museum accepts it, and it’s worth displaying).
If it’s for any charity that does not display art, you’re limited to deducting the cost of the item at acquisition ($1,000) which makes this not a loophole at all.
The real problem is we need more IRS agents to investigate whether or not any of the contributions are fraudulent.
If anyone is curious, in the US this is illegal unless the charity is actively displaying the art as part of their charitable mission (I.e. a museum accepts it, and it’s worth displaying).
If it’s for any charity that does not display art, you’re limited to deducting the cost of the item at acquisition ($1,000) which makes this not a loophole at all.
The real problem is we need more IRS agents to investigate whether or not any of the contributions are fraudulent.