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Art and Taxes
The connection between art and taxes is one of the business issues that an artist sometimes has to think about. Art isn't entirely about making the art. During the more than 40 years that I have been a professional artist I have often been invited to donate my art to various institutions and causes. Many of my artist friends don't contribute because the US tax code will not allow artists to donate their art and claim the cost of the art object as a tax donation. Artists can only claim the cost of materials. It is obvious that the cost of materials does not in any way cover the value of the art object. Art collectors, on the other hand, can give art away and claim the cost. Of course, they have paid a certain amount for the art and expect to get the cost of it back as a tax deduction. I have no objection to this, but I do think it unfair that artists are not able to do the same thing. This has not deterred me from contributing my work. It may not serve as a tax deduction but in some cases, the contribution itself is valuable because it enables me to claim that my work is a part of an art collection owned by an institution. In other cases it just makes me feel good to be able to help various causes that I am interested in. I recommend to other artists that the long term benefits of being generous will far outweigh the disadvantages of not being able to take the deduction. For example, a number of years ago I gave a painting to DePaul university in Chicago that was beginning to form an art collection. As the collection grew, so did the status of the university art gallery. Now I am happy to be a part of that collection. I have given my art to many cancer research auctions, Multiple Sclerosis, diabetes, art organizations, and, most recently, I created a painting especially for the celebration of the birthday of Ruth Horwich, a well known art collector and patron of the Hyde Park Art Center. I was very delighted to be able to participate in this unique gift presented by the art center. It was a book made up of many works of art contributed by artists who had been invited to participate. As a participant in the gift, my work is now represented in the well known Horwich Art Collection in Chicago. Another important benefit of being invited to create something for this gift was that was a stimulus to begin working on a new piece. It is alway very exciting for an artist to be able to have a goal, whether it be an art exhibit or a commission. When I began work on the paintng I had decided to create an abstract painting incorporating Mrs. Horwich's name into it. But when it was finished, I was not happy with the outcome. Instead, I decided to return to my subject of orchids, and I created orchid painting No. 62. This launched me into continuing to work on my original idea of painting 100 unique paintings of orchids and other flowers. No. 62 will not be included in this exhibit, but its influence has been very helpful in planning the continued direction of this art project. The art process, whether it be from the technical, conceptual, or personal is worth knowing about because it reveals one aspect of creating art that people usually don't think about when they look at art. |
http://www.siempreflamenco.com
| http://www.hydeparkhistory.org
| http://www.julierichman.com
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