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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16574
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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What are the rules about artists deductions for charitable

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What are the rules about artist's deductions for charitable contributions to non-profits that are resold or auctioned by the non profit charity?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

I hate to be the bearer of bad news, but the deduction for goods that are resold or auctioned off by a nonprofit are limited to your cost basis in the items

MyVirtualCPA :

This means you can only deduct what you actually paid for the items

MyVirtualCPA :

Here's a link which outlines this tax treatment http://www.massnonprofit.org/expert.php?artid=1968

MyVirtualCPA :

Is there anything else I can assist you with today? If not, please rate my response excellent so that I may receive credit for helping you today. I'm truly sorry that my answer was not favorable to you in this situation. Please note that ratings impact me personally, so if I am given a negative rating I am punished for my honesty.

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