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Originally Posted by Alexandra Tyng
. . . no disrespect to you, Richard . . . Many artists cannot itemize deductions because not enough percentage of their income goes to donations . . .
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I rely on that, Alexandra - none taken! That's why this is such a pleasant forum.
This just in . . . I checked with my tax professional, and was told that you
can take the full price of the painting as a donation
so long as you can substantiate a real market value for the piece. This precludes hobbyists from claiming "blue sky" value for their work. Again, not a bad thing.
And, a reminder (from my tax pro) to account for all aspects of the cost of doing business . . . we tend to miss a lot of 'em because of the peculiarities of our profession.
As for feeling bad, naw. Don't feel bad . . . and I agree, since "reform" might be even worse than what we have as a tax system, amendments where necessary are better than nothing, and surprisingly, the IRS is responsive to such pressures.