April 21st 08, 02:13 PM
posted to alt.art,rec.crafts.pottery,us.arts
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Artist should be valued
On Mar 5, 9:27*am, (Bob Masta) wrote:
On Tue, 4 Mar 2008 10:20:42 -0500, "D Kat"
wrote:
"Bob Masta" wrote in message
...
http://www.capwiz.com/artsusa/issues...521951&type=CO
Donna
As I understand it, the old "materials value only" rule applies evenly
to *everyone*, not just artists. *If you are a truck driver and agree
to drive the artist's pots to the museum, you don't get to deduct
for your time as if it were a regular paid-for delivery. *Nor does a
carpenter who agrees to crate the pieces, etc.
And it doesn't apply just to museum donations, it applies to all
donations. *It probably has to be this way to prevent abuse.
Consider the old scam whereby people donate their old books or junk
and claim a hefty market value. *If they were allowed to claim a
value for their time, it would be even harder to verify.
And art is in a class by itself as far as being hard to assign
market values. * Unless the piece has already been sold, it's not at
all clear what its value is. *Certainly *not* the price the artist has
been asking for it as it languished in the last umpteen art fairs,
nor even what the posh uptown gallery is asking.
So, if you are an artist who is affected by this, the solution is
simple: *Put your money where your mouth is and *sell* the piece, and
donate the money to the museum!
For the rest of us, the thrill of having a piece in a museum, not to
mention the boost in professional stature and the increase in the
market value of other for-sale pieces, would be more than enough
compensation.
Best regards,
Bob Masta
The problem is Bob that few artist can afford to sell the piece and donate
the money earned. *Even when they donate the piece they are not getting that
price in return in their taxes. *We are talking about a deduction not a
credit - so if you are in the 20% tax bracket then you get 20% of the
estimated value of the item taken off of your salary that is taxed - then
add in the lovely AMT which limits even that. *As far as scamming goes -
they are now pretty ridged about what they allow - you have to document your
donations and something such as this would have to be valued by the museum
not by the artist.
When I volunteer my time at the crafts studio, I would never dream of trying
to take a tax deduction for that time. *That is something very different
from a piece of art that will not only hold its value but increase in value
over time. *The museum if it needed the money could sell the work of art.
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