[Leica] OT: What would you do?

[Wilbur Norman]

Charitable donations, for US tax deductible purposes, must be to an organization having a 503 c status (I think that's the correct tax code number).

The last I knew, the deductible amount, unlike in the old days, is the ACTUAL amount the item fetches in the sale.

For example, you value your framed photo at $100 for the frame (because that's what you paid) and $300 for the photo itself (because our cost is $100 and the art is worth $200 in your estimation). Your actual cost in the item is $200 but…

I think the current law lets you deduct only the $200 or the price the item fetches at a sale. So, if the photo sells for $500 you can deduct that instead of the $200.

BUT… consult a tax professional OR look it up on the IRS web site (good luck with the latter.)

******************

On Jan 8, 2015, at 12:02 PM, Susan Ryan wrote:

> Can you take a tax deduction for a charitable donation? If so, how do you choose a dollar value of the photos donated? 
> 
> Thanks, 
> Sue
> 
> Sent from my iPhone
> 
>> On Jan 8, 2015, at 11:50 AM, Tina Manley <tmanley at gmail.com> wrote:
>> 
>> That's probably the best solution - donate to charity auctions.  I've done
>> that quite a bit and it's always appreciated.
>> 
>> Tina
>> 
>> On Thu, Jan 8, 2015 at 1:49 PM, Doug Herr <wildlightphoto at earthlink.net>
>> wrote:
>> 
>>> Donate to charity auctions?
>>> 
>>> Doug Herr
>>> Orangevale, Sacramento County
>>> http://www.wildlightphoto.com
>>> http://doug-herr.fineartamerica.com
>>> 
>>> 
>>> -----Original Message-----
>>>> From: Robert Adler <rgacpa at gmail.com>
>>>> Sent: Jan 8, 2015 10:07 AM
>>>> To: Leica Users Group <lug at leica-users.org>
>>>> Subject: [Leica] OT: What would you do?
>>>> 
>>>> I have a dilema. I'm moving back into my old home and clearing out 25+
>>>> years of "stuff", Clean sweep.
>>>> 
>>>> I know some of you have been through this recently (George/Tina/etc.). I
>>>> have a ton of framed prints that haven't sold at galleries/coffee shops,
>>>> but that doesn't mean they aren't lovely (IMO).
>>>> 
>>>> They are custom framed and mounted. Archival. The works. I don't want to
>>>> give them away (I think that devalues all art), and I don't want to pack
>>>> and ship them to folks.
>>>> 
>>>> Please PLEASE suggestions? The dump just seems wrong..
>>>> Thanks!
>>>> --
>>>> Bob Adler
>>>> www.robertadlerphotography.com
>>>> 
>>>> _______________________________________________
>>>> Leica Users Group.
>>>> See http://leica-users.org/mailman/listinfo/lug for more information
>>> 
>>> 
>>> _______________________________________________
>>> Leica Users Group.
>>> See http://leica-users.org/mailman/listinfo/lug for more information
>> 
>> 
>> 
>> -- 
>> Tina Manley
>> www.tinamanley.com
>> tina-manley.artistwebsites.com
>> http://www.alamy.com/stock-photography/3B49552F-90A0-4D0A-A11D-2175C937AA91/Tina+Manley.html
>> 
>> _______________________________________________
>> Leica Users Group.
>> See http://leica-users.org/mailman/listinfo/lug for more information
> 
> _______________________________________________
> Leica Users Group.
> See http://leica-users.org/mailman/listinfo/lug for more information