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Art donations as tax deductions


#1

This is what my accountant told me a few years ago when I was
incorporated in the state of Virginia:…Since my company owned the
jewelry, it could only write off the value of the materials in the
piece, and not the cost of the piece itself. I would be better off
just making a cash donation, which I did from time to time. I’m
pretty sure the law is a little different if you’re a sole
proprioter.

I have been involved in a few charity auctions, and used to donate
work on a regular basis. In Virginia, anyway, it seemed that the
public would come to the auctions to see if they could get a piece
of artwork at or below wholesale prices. (They would, however,
consistantly overbid things like vacation packages and restaurant
coupons since it was for a good cause). I did a show the other
weekend and the promoters came by to collect a piece from me to
donate to thier charity auction (which wasn’t required) I offered
to write a check instead, since my work starts about $200 retail,
and they said they couldn’t accept it, got all huffy and left.

Wendy Newman, goldsmith
Moab, Utah
@Wendy_Newman3
www.goldgraphix.com