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
From: Museum discussion list
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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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