Tuesday, March 07, 2006

Tax Deductable Art Donations

I do have taxes on my brain these past few days.

I recently heard about a new tax amendment that has been proposed that would allow living artists to deduct the full value (based on appraisal) of donated work. I actually hadn't been aware that this wasn't already the case. As it is now, only the cost of the materials can be deducted on donated work. This change seems like a good idea to me. Art-Exchange.com has an online petition for signing in support of passing the new law.

"Whereas, works of art are valuable to the United States and its citizens;
Whereas, museums and other institutions that promote art are worthy of support;
Whereas, the most direct support that an artist can give a museum is a donation of artwork;
Whereas, the value of art far exceeds the costs of the input materials;
We the undersigned support the provision for allowing donated artwork to be deducted at full value for tax purposes."

I feel a priceless ad coming on....

1 comment:

Zataod said...

Art should be treated like anything else that has value. I was also surprised that this wasn't the case already.