Tax Rules Encourage Gifts of Art from Collectors, but Not from Artists Themselves
from The Missoulian
This past summer, nationally renowned color-field artist Anne Appleby wanted to gift some $80,000 worth of paintings to the Missoula Art Museum. If these had been paintings that she had purchased from other artists, she could have claimed the full value as a charitable donation on her taxes, likely resulting in a significant reduction in her taxes. But because Appleby had painted the works herself, she would have only been allowed to deduct the cost of the paints and canvases on her taxes. The gift didn't happen.
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