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