|
International Home Page |
 
|
Keywords: Stock Photography Tax Tips, Tax Attorney Photo, Travel Tax Tips
Tax Tactics
| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95. 3 Washington Sq, Station 5, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board or join him in the Chatroom for a chat on Taxes on Monday nights at 10:00 EST. |
Keep what you deducted
If you donate part of your collection of art photography to a museum, can you still keep the photographs at home or in your studio for display to the public? Yes, if we can use a previous IRS ruling as a guide.
The ruling allowed a deduction for the donation of a painting to a museum even when the donor continued to keep the artwork in his own home. The museum lacked specific space to show its entire collection and agreed to let the donor retain possession of the work until it expanded its show space or decided to make other use of the work. Key: The museum obtained full legal title to the artwork through the gift and had the right to take possession of it at any time, whether it actually did so or not.
|
|
International Home Page |
|