From Another Time- 15

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One Response to “From Another Time-15”  

  1. 1 Nazli

    Very helpful arictle, thanks for this Helen. I was just doing my taxes and clean forgot that artists can’t deduct I gave something by a historical figure from my collection a few years ago to a charity auction and took a very nice deduction, whereas this year I donated my own drawing to the same cause and it sold for a tidy sum. All I can claim is the price of the nice frame I popped around it, for which luckily I kept the receipt. A pernicious law for sure. A quick thought: what would the IRS say to two artists who trade works with one another and later proceed to donate each other’s piece to an auction, or for that matter the permanent collection of a museum? This would require forward planning but might be a way around an unfair law, no? Or would the artists just end up in the same prison cell?

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