Digital BW, The Print

Final word:  Given that it¹s for a good cause, I¹ve decided to donate the
prints to the art center.
Thanks for the advice from all.

Harry


On 6/13/07 9:14 AM, "Harry Lockwood" <hflockwood@...> wrote:

>  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@...
> <mailto:wendel%40blacktowns.org> > 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>
>>>>>> >>> >> <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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