Originally Posted by
GrannieAnnie
This brings to mind a question---------say a top notch artist donates a piece of art worth a million dollars on the open market. Is he/she allowed to deduct the going price of a million dollars or just the $50 or so for a canvas and paints?
My bet, in this case, is that he/she could deduct far more than the cost of materials.
We all know that he can deduct the million dollars! My MIL is a tax consultant. She is very bright and goes to seminars throughout the year. She is one of the few that can represent her clients in court in front of the IRS. I am going to ask her this question.
I have never donated YET! Your Eligible Too! I have a few quilts rolled up with no place to go and after reading this thread, I would like to donate them! Not just for tax purposes, but maybe to our dialysis center or a nursing home. I didn't make these to save me on taxes. I'd rather someone enjoy them, but it's an interesting thread and I will find out from my MIL what the rules are on this and get back to you all.