When art work is donated the Federal Tax Code only allows you to deduct the cost of materials, not the retail or wholsale value of your work. This has been a thorn in my side for a long time and I have written my Congressmen about it. Senator Ben Nighthorse Cambell, a Native American silversmith from Colorado, had a bill before Congress to change this but it went nowhere. An artist friend told me of a way to get around this situation. Artist A gives a piece if work to Artist B. at the same time Artist B gives a piece to Artist A. Each donates the pieces of work to their charities and because the are not their work, full retail value can be taken as a contribution. Crazy, but what else is new about the tax code.
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