[MR] Art donations and deductions

[Fletcher Martha]

Well said Lady Lucy!

Exactly my sentiments. We should be aware this is in
the pipes and do our research on the subject. It may
well affect and benefit us.

Martelle.

--- Leslie Cox <perndragon at mail.dockpoint.net> wrote:

> Until if/when the bill passes and it's exact wording
> is known, a lot of these questions should wait.  As
> worded currently, you'd have to get an artwork
> appraised (which costs money) in order to take
> advantage of the deduction for other than simply
> cost of materials as is currently done.  This
> doesn't mean you are charging for your time in
> creating the piece - it means that marketable work
> should be deductable at its market value.
> 
> For the most part, from what I can see, it appears
> that this will mostly benefit professional artists
> who donate their work to charity benefits (like the
> one for where I currently work) and will benefit the
> charities that run art auctions by making it more
> desirable for artists to donate expensive works.  If
> you have, say, a piece by someone whose works sells
> in the hundreds or thousands per painting, unless
> this bill passes, all they can deduct as a
> charitable contribution is the cost of framing and
> materials to create the work.  You can see, from
> this example, what the bill is apparently aimed at. 
> The artist doesn't get a fair deduction, and has
> little incentive to donate a high-priced piece.
> 
> This is not to say that I am any kind of expert -
> I'm only answering as someone with some experience
> that bears on the question who can maybe give some
> insight as to the intention of the bill writers.
> 
> Once the bill becomes law (note how optimistic I
> am...) - THAT would be the time to see if there are
> applications to artists and the SCA.
> 
> By the way, YES the SCA is a "charitable cause"
> under IRS definitions; this has been noted on the
> list before and I'm sure I'd be corrected if I were
> wrong on that...
> 
> Lady Lucy Rose Falconer


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