Deductibility of Gift-in-Kind from Artist

Deductibility of Gift-in-Kind from Artist

Forum topic posted in Forum on 18 December 2008| 2 comments
audience: | last updated: 18 December 2008
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Joined: 10/02/2007
Points: 30
At a recent planned giving conference someone mentioned that artists can now take FMV of donations (produced by them) instead of the value of materials used to make the item. True? I have looked everywhere on IRS.gov and cannot find any reference to the change.

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Offline
Joined: 05/19/2008
Points: 45
Artist In-Kind Contribution
Thanks for your thoughtful and thorough analysis. Good to know that sometimes my instincts are correct still.
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Joined: 07/31/2003
Points: 60
Deductibility of Art by Artists
There have been certain bills proposed to change this, but the law is still that an artist's donation of his or her own artwork is limited to tax basis. IRC
7520 Rates: December 26% November 2.4% October 2.2%

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