PBase

For more info go here: http://capwiz.com/artsusa/issues/alert/?alertid=9521951

deduct all the full time artistic pros from the newbies ? There would be nobody left !!!!

In one hundred words or less can you please summerize this bill for us?

* Most museums, libraries, and archives have no acquisition funds; the only way to acquire new works is through donations.
* Living artists - many of whom earn very little have no incentive to give their works to a nonprofit institution; instead works of local, regional and national significance are sold into private hands and never come into the public domain.
* The artists’ fair-market value deduction bill would allow artists to take a fair-market value deduction for self-created works given to a nonprofit institution.
* Collectors have the right to deduct the fair-market value of gifts of works of art that they donate, and the artists should have the same right when they donate their own works. It is only fair.

This is all I could find as to how far along the bill has gotten in Congress. http://www.collegeart.org/advocacy/000540/

So basically, what you are saying is... I can donate my "works" to any charitable organization and use what I figured the art was worth as a write off on my taxes? Wow! I have stacks upon stacks of my work I will donate. Where do I sign?

You got it - if the bill passes. Of course, the tax man will ultimately decide if you have chosen a "fair market value" for your work.

photomary wrote:You got it - if the bill passes. Of course, the tax man will ultimately decide if you have chosen a "fair market value" for your work.

While I'm in support of the arts doesn't this make you wonder just how many people will run out, buy a point & shoot, and start laying boxes full of pictures of flowers (at $25.00 a piece) behind the local thrift stores? There are always those that are waiting in the wings for the next scam.

I don't think (though I could be wrong) that giving your photos to Goodwill, etc., will be how you claim this deduction. I often donate work to organizations which are art affiliated or who want to give my work as gifts or sell my work to support the organization. That's not the same thing as donating to a thrift shop.

Mary in Michigan til hurricane season is over in FL

jypsee wrote:I don't think (though I could be wrong) that giving your photos to Goodwill, etc., will be how you claim this deduction. I often donate work to organizations which are art affiliated or who want to give my work as gifts or sell my work to support the organization. That's not the same thing as donating to a thrift shop.

Mary in Michigan til hurricane season is over in FL

This is one of my concerns. There are always those individuals ready to take advantage...

The IRS will probably establish guidelines for determining the value of the contributions, minimum and maximum limits. Similar to the 'office in the home' deductions, which were subject to abuse, there might be unpublished thresholds or triggers that if exceeded will result in an audit.