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Tax Law question I am a painter and have agreed to do an benefit

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Tax Law question: I am a painter and have agreed to do an benefit exhibit for a major concert house. Some of these paintings could sell for $10,000. According to the director of concerrt house, if the exhibit cast such that ALL PROCEEDS FROM SALES go to the concert house, I will get the exact amount of the total sales as a IRS tax right off. Is this accurate? If yes, could I have an appropriate IRS tax citation. The concert house is non-profit, tax exempt, etc. I have no special tax status.

If this is accurate, then that will be fine with me. If not, then we will split proceeds.

Thanks, XXXXX (XXXXX@XXXXXX.XXX) (XXX) XXX-XXXX
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

LEV :

Hi and welcome to Just Answer!
According to the director of concert house, if the exhibit cast such that ALL PROCEEDS FROM SALES go to the concert house, I will get the exact amount of the total sales as a IRS tax right off.
That would be correct if you will be the one who will sell these paintings - and include proceeds into your income and after that - you will contribute the money to the concert house which assumable is a qualified charitable organization - you will be able to deduct that amount on your tax return - schedule A line 16 - www.irs.gov/pub/irs-pdf/f1040sa.pdf
See for reference IRS publication 526 - http://www.irs.gov/pub/irs-pdf/p526.pdf
If you contribute paintings that you created - works of art created by the donor are ordinary income properties.
The amount you can deduct for a contribution of ordinary income property is its fair market value minus the amount that would be ordinary income or short-term capital gain if you sold the property for its fair market value. Generally, this rule limits the deduction to your basis in the property.
Let me know if you need any help or clarification.

Customer:

Terrific. This is exactly what I need for the present. If further advice is needed I would like to follow up w/ you. How would I do that?

Customer:

I can be reached directly atXXX@XXXXXX.XXX. Thanks.

LEV :

Here is a link to this page - http://www.justanswer.com/tax/4ya2d-tax-law-question-painter-agreed-benefit.html
I suggest to bookmark it - so you will be able to come back to the same page.

LEV :

I would appreciate if you accept the answer. Experts are only credited if the answer is accepted.
You are welcome to ask any followup questions. I might not be immediately available - but surely will reply.

Lev, Tax Advisor
Category: Tax
Satisfied Customers: 22979
Experience: Taxes, Immigration, Labor Relations
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