Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
How do I sell my art for charity without being subject to income and sales tax?
I am in the US, and I would like to create some artwork (original and prints) specifically to raise money for a couple of local charities. I cannot afford to incur additional taxes though. Should I claim a charitable exemption on my annual tax return? Or should I form a private non profit trust and file a 501c3?
5 Answers
- JudyLv 78 years agoFavorite Answer
If your goal is getting money for the charity, you should donate the art to the charities and let THEM sell them. If you itemize, you could deduct the cost of materials as a charitable donation, but no deduction for your time or talents.
If you sell the items yourself, it's taxable income to you.
You wouldn't qualify for 501(c) designation.
Tro as frequently happens gave a wrong answer. If you donate a CAR the charity gives you a statement of what they sold it for, and you can deduct that amount. That doesn't apply to your artwork.
- ?Lv 44 years ago
The income tax has the end result that the rich pay a lot more beneficial of the entire tax bill than center type electorate do: the right 10% of earners pay 70% of the taxes. (in the previous the Bush tax cuts, it develop into 60%.) A sales tax might want to flatten this out: the midsection type might want to pay more beneficial, and the rich might want to pay a lot less. Draw your own end to no matter if this can be desireable.
- 8 years ago
If you donate artwork that you created your charitable donation is limited to the cost of the materials that you used. Your time has no value, by law.
- troLv 78 years ago
you donate the art to the charity and they will give you a statement of the proceeds of the sale of it on a statement at the end of the year
you can then claim it on your Sch A when you file your 1040
- How do you think about the answers? You can sign in to vote the answer.