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This is also tax deductible as long as you are selling similar work at the declared value). Those receiving these works are well aware of the value of these works.
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Michael,
Just to clarify according to tax law put into effect in 1988 (I am researching the actual code so I may lobby to change this, it really stinks..). We can only deduct the materials we used to produce the piece. The fair-market value is NOT tax-deductible. A real bummer..