Digital BW, The Print

Yes, Tyler is correct.  I posted a note here before reading your input,
confirming what Tyler wrote.
Thanks for the reference.

Harry


On 6/13/07 8:30 AM, "Wendel White" <wendel@...> wrote:
> 
> 
> Harry, Tyler is correct (as far as I know) regarding the limits of tax
> deduction for contributions by artists of their own works. My understanding
> of the IRS ruling is that you may only deduct the cost of materials (and I
> suppose framing if you paid someone to do your framing).
> 
> There was a move in Congress back 2003 to reinstate the tax deductions,
> however I don't think there has been any progress. There was another bill in
> 2005 but I don't think that one passed either.
> 
> Look here http://edu-cyberpg.com/Arts/tax.html
> 
>>> >> 
>>> >> I first discovered this long ago when I contributed an entire body of
>>> >> work of a Costa Rica Rain forest to the Nature Conservancy who
>>> >> happened to be involved in the area.
>>> >> 
>>> >> I am told that my contributions of pieces to art auctions for
>>> >> charities are only reportable to the IRS at the material cost of
>>> >> production. This does not include my time of course, or any real
>>> >> market value. It's only art, after all, and surely just a hobby for me.
>>> >> The people who get the real tax benifit are the wealthy who made the
>>> >> purchase, they can utitize the full amount of they spent at the
>>> >> auction. After all, they had to get in their car and drive there and
>>> >> all, dress, etc..
>>> >> 
>>> >> Welcome to America.
>>> >> 
>>> >> Make sure you are involved only because of the spirit of the thing,
>>> >> that's what counts and it'll be difficult to otherwise take advantage
>>> >> of your act of generosity.
>>> >> Tyler
>>> >> 
>>> >> --- In DigitalBlackandWhiteThePrint@yahoogroups.com
>>> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.com>
>>> >> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.com> , "hflockwood"
>>> >> <hflockwood@...> wrote:
>>>> >>> 
>>>> >>> In a juried process, I was selected to exhibit my (B&W) prints at a
>>>> >>> non-profit art center in VT (Northeast Kingdom.)  The prints are
>>>> archival
>>>> >>> (carbon on cotton: MIS quadtone, HFA paper) and are professionally
>>>> matted
>>>> >>> and (16x20) framed.  There will be 25 prints in the month- long
>>>> exhibit.
>>>> >>> 
>>>> >>> Since the center is in the midst of a fund raising effort, I'm
>>>> contemplating
>>>> >>> donating the entire collection to their building fund, rather than
>>>> trying to
>>>> >>> sell them. Obviously, this raises the question of how to value the
>>>> >>> collection for tax purposes.
>>>> >>> 
>>>> >>> The materials cost to me of putting the collection together is about
>>>> $150
>>>> >>> per print, with no value given to my time or to the artistic value of
the
>>>> >>> prints included.
>>>> >>> 
>>>> >>> So, if I am to claim a charitable deduction, how do I value the
>>>> donation?
>>>> >>> The center has agreed that $400 per print, or $10,000 for the
>>>> collection,
>>>> >>> would be easily justified.
>>>> >>> 
>>>> >>> I'm looking for guidance from others who may have faced a similar
>>>> situation.
>>>> >>> 
>>>> >>> TIA.
>>>> >>> 
>>>> >>> Harry
> 
 
-- 

Harry F. Lockwood




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