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Deductible donations


#1

Other artists have been faced with similar problems, and from what
I’ve read, one way around this is to have the charity purchase the
items from you at market value, and then donate the money right back
to them.

-LiAnne Gabe
http://www.artiology.com


#2
    Other artists have been faced with similar problems, and from
what I've read, one way around this is to have the charity purchase
the items from you at market value, and then donate the money right
back to them. 

careful, the IRS can “telescope” certain transactions if they feel
that the end result is a tax evasion. You might get away with it,
but under audit it might not stand up.

Volunteered time is also non-deductible, just like time spent on
making an object. So, as an accountant, if I do the books for a
charity, I cannot deduct my time donated even though I am a trained
and active accountant.


#3

DEDUCTIBLE DONATIONS: US Orchidians: The senate and house are
currently reviewing changing the IRS law to allow creaters of art
(music, writings, etc) to deduct the FAIR MARKET VALUE (just like
collectors are now allowed to do) rather than just the artists’s cost
of materials. BUT WE NEED TO CONTACT OUR SENATORS AND
REPRESENTATIVES NOW TO GET THEM TO APPROVE THESE BILLS: Senate Bill
#S. 287 and House Bill #H.R. 806 .

Please take a few moments to contact both of your senators and your
representatives to encourage them to support passage of Senate Bill
#S. 287 and House Bill #H.R. 806. You can get your contact
on senators from
www.senate.gov/general/contact_senators_cfm.cfm and on
representatives from www.house.gov/writerep/ .

Thanks.
Sherry Terao, Art Peace
Silver Spring, MD