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A professional artist creates a piece of art. The Art is contribured

A professional artist creates a...
A professional artist creates a piece of art. The Art is contribured to a charity. The art piece is immediately sold at auction for $1500.

Can the artist write off the $1500 as a gift of appreciated property?
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Answered in 22 minutes by:
4/1/2012
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. Unfortunately, no. There is a distinction to be made between the people who create the art and the artists who have bought the art. While people who bought the art, if they satisfy certain conditions, are entitled to deduct the fair market value of the art, the artists themselves are only entitled to deduct the cost of the materials that went into the work.

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
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Customer reply replied 5 years ago

Interesting. Thank you for your answer.
You're welcome. Happy to help!
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Richard and 87 other Tax Specialists are ready to help you
Ask your own question now
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Richard
Richard
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Category: Tax
Satisfied Customers: 55,790
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Experience: 29 years of experience as a tax, real estate, and business attorney.

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