2 ms·
If Richie McMoneybags was going to buy a million-dollar painting, but instead decides to donate those million dollars to the McMoneybags Museum of Million-Dolla
by taejo 7y ago
If Richie McMoneybags was going to buy a million-dollar painting, but instead decides to donate those million dollars to the McMoneybags Museum of Million-Dollar Art That Richie Wanted to Buy Anyway (that's in a wing of Richie's house and is only open to the public once a year), that probably counts.
- harryh 7y agoNo, it does not count. The IRS isn't stupid.
- taejo 7y agoExcuse my mistake, the McMoneybags Museum is not in a wing of Richie's house but down the road, and it's open not once but twice a year (or by appointment). https://www.nytimes.com/2015/01/11/business/art-collectors-gain-tax-benefits-from-private-museums.html?_r=0 https://www.nytimes.com/2015/01/11/business/art-collectors-g... The IRS isn't stupid, but they also don't have the resources to audit everyone who makes a dodgy claim.
- tptacek 7y agoYou answered his question but didn't rebut his data, which shows that arts contributions are a small fraction of total charitable giving, almost half of which appears to go into services for people (health, education, human services), followed by religious giving.
- lmm 7y agoIs there any reason to believe that "donations" in those categories are less likely to yield similar personal benefits for the "donor" than those categorized as art?