Sara-
 
This issue was just mentioned at a session I attended at the Western
Museum Association Annual Conference. An IRS representative, Joseph
Bothwell, indicated that artists are limited to deducting their "costs"
(materials). He didn't talk about pending legislation that might change
this. 
He was very informative and encouraged us to phone with problems. Email
me directly if you'd like his phone number.
 
Best-
             Susanne 
 
Susanne Lambert
Collections Manager/Registrar
Nora Eccles Harrison Museum of Art
t  435 797 0166
f  435 797 3423
e  [log in to unmask]
 
________________________________

From: Museum discussion list [mailto:[log in to unmask]] On
Behalf Of [log in to unmask]
Sent: Wednesday, October 05, 2005 10:13 AM
To: [log in to unmask]
Subject: Artist Fair Market Value Deduction



Does anyone know where tax law currently stands on artists making
donations of their own artwork? 

I know that there have been several bills presented to Congress over the
past few years, most recently in February of this year. However, I can't
find any specific information on the status of this bill. So, I'm
assuming that it has yet to make it through the system, which means that
artists can still only deduct the cost of materials used to make a
donated artwork, versus deducting the fair market value of the work. 

Any knowledge you can share will be much appreciated! 

Thanks, 
Sara 


Sara Rowe Hignite, Registrar
Mildred Lane Kemper Art Museum
Sam Fox School of Design & Visual Arts
Washington University in St. Louis
One Brookings Drive, Campus Box 1214
St. Louis, MO 63130
Tel. 314.935.5385; Fax 314.935.7282
http://kemperartmuseum.wustl.edu
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