Digital BW, The Print

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> , "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