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rjmcgrath1
Returning Member

Can an appraisal fee for an investment art collection be deducted if the art is neither being donated or stolen?

Done for insurance purposes only.

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‎June 4, 2019 6:59 PM
last updated ‎June 04, 2019 6:59 PM
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TomD8
Level 15
Level 15

Can an appraisal fee for an investment art collection be deducted if the art is neither being donated or stolen?

Here is the exact IRS wording:

You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property.

https://www.irs.gov/publications/p17/ch28.html

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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‎June 4, 2019 6:59 PM
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TomD8
Level 15
Level 15

Can an appraisal fee for an investment art collection be deducted if the art is neither being donated or stolen?

Here is the exact IRS wording:

You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property.

https://www.irs.gov/publications/p17/ch28.html

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎June 4, 2019 6:59 PM
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