Digital BW, The Print

More info, confirming Tyler¹s original input on valuing art.

From http://www.mam.org/supportus/gifts_of_art.htm

³Tax Considerations

Income Tax Charitable Deduction : Most gifts of art qualify for an income
tax deduction based on their fair market value as of the date of your gift.
In order to qualify, you must have owned the work of art for a period of 12
months or more. Please note that you may deduct these types of gifts up to
30 percent of your adjusted gross income. Under most circumstances, you have
five years after the year of your gift to deduct any excess value not
deducted in the year of your gift.

Exception : If you are the artist, or if you received from the artist as a
gift the work of art you wish to donate, your deduction is limited to the
cost of the artist's materials. If you received the work of art from the
artist by bequest, you may take the fair market value of the work of art as
your deduction. If you are a dealer of art, you are limited to a deduction
based on the art's value a s inventory.²

Harry




On 6/12/07 5:58 PM, "Sandy Schaffell" <sschaffell@...> wrote:

> Harry,
> 
> Perhaps you should begin your valuation search at the IRS web site.  Let us
> know what you learn.  I know we'd all be interested.  Good luck.
> 
> On 6/12/07, hflockwood <hflockwood@...
> <mailto:hflockwood%40verizon.net> > 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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