Wealthy Collectors Earn Major Tax Benefits from Founding Non-Profit Museums

January 11th, 2015

The New York Times notes the attractive benefits for wealthy collectors founding their own private, tax-exempt museums to house their art collections, allowing the collectors to deduct full market value for their donations even when the museum may be housed on the same property as their home.  “I’m not against it being done, but it’s got to be done well,” says Robert Storr, dean of the Yale School of Art. “If there’s to be a public forgiveness for taxes there should be a clear public benefit, and it should not be entirely at the discretion of the person running the museum or foundation.”Read more at New York Times