16-Aug-2019 9:32pm
16-Aug-2019 11:44pm
17-Aug-2019 6:47am
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17-Aug-2019 1:30pm
Bell wrote: If the buyers make out the checks to the charity, she would not have to report the income and come out better.
17-Aug-2019 1:44pm
Frankly wrote:is she merely saving the effort of writing a donation check to the charity post sale and attempting to avoid recognizing income from the sale of her work?
17-Aug-2019 2:39pm
For purposes of this subtitle, the term “capital asset” means property held by the taxpayer ... but does not include—
...(3) a patent, invention, model or design (whether or not patented), a secret formula or process, a copyright, a literary, musical, or artistic composition, a letter or memorandum, or similar property, held by a taxpayer whose personal efforts created such property... [emphases added]
17-Aug-2019 7:41pm
Harry Boscoe wrote:This might have repercussions in the amount of a charitable deduction that the artist/owner/taxpayer/donor might be able to claim under IRC Section 170.
Chay wrote:In order for the answer to be "no" here, I would say she needs receive a letter from the organization documenting her gift and the arrangement they have in place whereby she will sell the paintings as an agent for the organization.
Tax-wise, this would be the best solution unless the taxpayer needs to raise her AGI for some unrelated reason.
17-Aug-2019 11:04pm