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Discussing the tax implications of the appraisal sale

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Question - In December 2017, one of your clients, Tim Huffman, donated a valuable piece of art to a local charity to be auctioned at its annual fund-raising auction. When Mr. Huffman donated the art, it was appraised for $20,000. However, at the auction held on January 20, 2018, it sold for $35,000. Mr. Huffman claims that the appraisal was obviously wrong and that the value of what he donated was obviously $35,000. Consequently, he wants to deduct $35,000 on his 2017 tax return. Write a letter to Mr. Huffman discussing the tax implications of the appraisal and subsequent sale of the art he donated.

Reference no: EM133114764

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