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A client is a professional artist. The client creates a painting

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A client is a professional...
A client is a professional artist. The client creates a painting and donates it to a 50$ charity. The charity immeidately auctions it off for $1500. Can the taxpayer write off the $1500 as a gift of an appreciated asset with no cost basic, but a FMV of $1500?
Submitted: 5 years ago.Category: Tax
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Answered in 3 minutes by:
4/1/2012
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 5 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,773
Experience: 35 years tax experience, including four years at a Big 4 firm.
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PDtax :

hi from just answer.

PDtax :

bad news, the only deduction the artist gets is the cost of materials used to create the artwork. No free lunch here.

Customer:

Hello.

Customer:

How is this comparied to someone who donates a piece of land with minimal cost basis, they get to writeoff the FMV, right?

Customer:

Is there a special rule for artwork?

PDtax :

Special rule for artwork.

Customer:

K thanks

PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,773
Experience: 35 years tax experience, including four years at a Big 4 firm.
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