Art Donation by Artist

Art Donation by Artist

Forum topic posted in Forum on 4 February 2011| 2 comments
audience: | last updated: 4 February 2011
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Joined: 01/18/2008
Points: 45
Can someone please remind me of the tax-deductibility of a gift of artwork by the artist? Assuming it's given for a related use, and it is appraised, is the gift deductible at the FMV? If you happen to know, please point me to the IRS publication that covers this. Thanks.

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Offline
Joined: 03/16/2001
Points: 15
Gifts of Artwork and Taxes.
Unfortunately, Jane, Artists cannot deduct the value of their donated work. I have a client information bulletin that explains this. If you (or anyone) would like a copy, write to me at fmonti@kahnlitwin.com
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Joined: 03/01/2001
Points: 5
Art Donation by Artist
Jane, if the work of art is considered inventory, then, according to IRS Publications 561 (see link below, page five) and 526 (page 10), it is essentially deductible at the cost basis of the work. http://www.irs.gov/pub/irs-pdf/p561.pdf http://www.irs.gov/pub/irs-pdf/p526.pdf Also see an interesting article at: http://www.pgdc.com/topic/general-discussion/deductibility-gift-kind-art...
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