Better Tax Break for Artists

As many of you know, if we donate our artwork to a non-profit organization we can only deduct the cost of materials. However, the times, they are a' changin'.

There are currently identical, bi-partisan bills pending in the US House and Senate to amend the Internal Revenue Code and allow artists to deduct the fair-market value of works donated to non-profits. Although there are a few requirements and restrictions, I see these bills as a step in the right direction. They may not be exactly what we'd like to see but, if passed, the tax situation would be better than it is currently.

If you would like to support this legislation, then go to Advocate for the Arts and fill out the form that sends an email or letter (your choice) to your Senators and Congressman.

The full text of the bill (surprisingly short! ), can be found here.

Always in support of tax breaks ,

CAZ

I wonder what the following from the code will require.

"a qualified appraisal of the fair market value of such property in accordance with the regulations under this section"

I agree with Jim... Then it will cost you twice the fair market value of your art work, to get the appraisal done, so it will cost you double to find out you can deduct half your total costs from your taxes...Oh and you likely will get taxed on the appraisal cost too just to give you a zinger on your way out the door. I guess it is a start, but I am not so naive as to believe the Govt won't work it so they get their share. Reminds me of the old Bugs Bunny cartoon "One for you, one for me; two for you, one, two for me; three for you, one, two three for me..."