Digital BW, The Print

Tyler,

Thanks for the guidance.  I had hoped for a financial win-win solution with
a decent tax break.  I guess I¹ll just have to be more generous than I
planned.

I wonder if Annie L. would be held to the same constraint.   ;-)

Harry


On 6/12/07 9:31 PM, "Tyler Boley" <tyler@...> wrote:

>  
>  
>  
> 
> I was being sarcastic, sorry.
> There's considerable personal experience with that scenario that has
> resulted in my cynicism about it. I'll leave it at that.
> Ultimately, I hope the poster got the advice he needed.
> Tyler
> 
> --- In DigitalBlackandWhiteThePrint@yahoogroups.com
> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.com> , Brian Ellis
> <bellis60@...> wrote:
>> >
>> > "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.."
>> > 
>> > Well of course they did a little more than just get dressed and
> drive to the 
>> > auction - they laid out the money to buy the work of art that they
> donate to 
>> > the charity.
>> > 
>> > 
>> > 
>> > ----- Original Message -----
>> > From: "Tyler Boley" <tyler@...>
>> > To: <DigitalBlackandWhiteThePrint@yahoogroups.com
>> <mailto:DigitalBlackandWhiteThePrint%40yahoogroups.com> >
>> > Sent: Tuesday, June 12, 2007 12:36 PM
>> > Subject: [Digital BW] Re: Valuing Prints
>> > 
>> > 
>> > 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> , "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
>>> > >
>> > 
>> > 
>> > 
>> > 
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>  
>     


-- 

Harry F. Lockwood




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