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Here's something to think about this tax season...

Many artists are asked to donate their work to a worthwhile charity thinking it would be a tax deductible expense for you, the artist. However, while it may be good exposure for the artist - it is not tax deductible. If an artist was to sell a painting for, let's say $600 and the buyer donated the work to a charity auction, then the buyer would be able to deduct the full value of the work. However, if you (the Artist) were to donate the same work directly, you could only deduct the cost of materials (such as paint and canvas).

Rep. John Lewis (D-GA) announced that he would introduce an 'Artist Deduction Bill' which would allow individual artists to take a fair-market value tax deduction for works they donate to nonprofit organizations. If you are interested in supporting this legislation please send a message to your Members of Congress asking them to co-sponsor S. 548 or H.R.1524. The Americans for the Arts website has an easy to use form to do just that.
EASY LINK: http://tinyurl.com/244zk8

What is unclear right now is whether you could take a deduction for a donation made for a charity auction as opposed to work donated to a public collection. If anyone knows please post...

Danny wrote:

> Here's something to think about this tax season...
>
> Many artists are asked to donate their work to a worthwhile charity thinking it
> would be a tax deductible expense for you, the artist. However, while it may be
> good exposure for the artist - it is not tax deductible. If an artist was to
> sell a painting for, let's say $600 and the buyer donated the work to a charity
> auction, then the buyer would be able to deduct the full value of the work.
> However, if you (the Artist) were to donate the same work directly, you could
> only deduct the cost of materials (such as paint and canvas).
>
> Rep. John Lewis (D-GA) announced that he would introduce an 'Artist Deduction
> Bill' which would allow individual artists to take a fair-market value tax
> deduction for works they donate to nonprofit organizations. If you are
> interested in supporting this legislation please send a message to your Members
> of Congress asking them to co-sponsor S. 548 or H.R.1524. The Americans for the
> Arts website has an easy to use form to do just that.
> EASY LINK: http://tinyurl.com/244zk8
>
> What is unclear right now is whether you could take a deduction for a donation
> made for a charity auction as opposed to work donated to a public collection. If
> anyone knows please post...

It was my experience last tax season that the charity auction I was involved in I was unable to take a tax deduction on the amount that was paid for my work. So the short answer is no. My tax account did research he showed me what he found unfortunately I don't have it handy. But it ended up I couldn't use the amount that the piece was auctioned off for. In a karmatic way good things did happen for me with the exposure from that particular event. I am glad to see that legislative measures are in action.
Thanks
Jacque