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User Name | Thread Name | Subject | Posted |
GUEST,Roll&Go-C | Tax Deductions for Benefits (11) | RE: Tax Deductions for Benefits | 24 Mar 01 |
The advice above seems right on the money, and in line with what happens to other artists who donate paintings to benefit auctions; regardless of what the painting sells for the artist can only deduct the cost of basic supplies. On the other hand if you buy that painting and donate it to another benefit auction you can deduct the full value of what it sold for then, as long as you have a letter from the benefit committee verifying the sale. Bizarre! |