￼More news on artists receiving deductions for Fair Market Value of their art donations.
There is a bill just passed in the Senate that would expand the deductible amount of donated artwork to its full value. Currently the only allowed deduction is cost of materials. However, THIS BILL HAS NOT PASSED THE HOUSE. That's where you come in. The bill will be hashed out in a House/Senate committee that begins to meet soon.
Find out how you can help here...Senate Bill: Artists Can Claim Full Deduction for Gifts
"Living writers, musicians, artists and scholars who donate their work to a museum or other charitable cause would earn a tax deduction based on full fair market value under a bill just passed by the Senate.
Currently such work receives only a deduction based on the cost of materials....