Artists and Charitable Contributions
It's a mere two months into the new year and I've already received six different solicitations for charitable contributions of my artwork. All inquiries that I receive are for a good cause and I appreciate the implicit compliment that each request represents.
However, I don't think that many of the well-intentioned people associated with these causes understand what making a donation involves for artists....Most people assume that we can deduct the fair market value of our artwork, but we cannot. Instead, we can only deduct the cost of materials, which is only a fraction of what the work is worth.
For this reason, I donate only to causes that are near and dear to my heart: Animal shelters, environmental organizations, children's educational causes, and women's resource / domestic abuse shelters. This past year, I contributed to Easter Seals of Central Pennsylvania and the Clearwater Conservancy.
Fortunately, change is on the horizon within our nation's Congress in the form of the "Artist Deduction Bill." This proposed legislation will allow artists to deduct the full, fair market value of their works:
"...bipartisan legislation, S. 548 or H.R.1524, which would allow artists to take a fair-market value deduction for works given to and retained by nonprofit institutions. The U.S. tax system accords unequal treatment to creators and collectors who donate tangible works (e.g., paintings or manuscripts) to museums, libraries, educational or other collecting institutions. A collector may take a tax deduction for the fair-market value of the work, but creators may deduct only their 'basis' value—essentially the cost of materials such as paint and canvas."
As a professional artist, I ask that you please consider following this link to sign a petition in support of this legislation:
http://capwiz.com/artsusa/issues/alert/?alertid=9521951



