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Donating a photo to charity


9 years 5 months ago #414436 by Ted Baker
I've been asked to donate one of my photos.  The fund it for homeless people, feeding them during the holidays and so on.  The person asking for the photo stated it will be a charity gallery auction.  They have asked for me to print and provide the image in a frame.  

Does anyone know from a tax deduction, what I'd be eligible for with this?  Do I get the number in my head or the actual number it sells for?  

We all have our charities that we normally donate too.  We only have so much, in disposable funds to give away.  This isn't a charity I normally give too.  Seeing that they are asking for me to frame the photo, and let's say it cost me $300 to frame it.  Yet it sells in the auction for $200.  I'm at a lose if I can't write it off for the full $300 or more.  Or does Uncle Sam only care about the $200 number?  

Thank you
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9 years 5 months ago #414440 by Don Fischer
I donate a couple framed photo's a years to the cattleman's assn. They use the money for kids education. Of course if it was gonna cost me $300 I couldn't do it. I take the photo's, print them and make the frames. I have very little in them and they always sell them at a good pride, fine with me. If you don't print your own, you could get a smaller print and put it in a Wal Mart frame. That way rather than $300 in t you have maybe $30.
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9 years 5 months ago #414465 by Kay Baker
I'm no IRS expert, I would check with your CPA
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9 years 5 months ago #414501 by garyrhook
I looked into this last year. The business is only allowed to write off the cost to produce the product.

You, however, may be able to acquire the product from the business and donate it as an individual. This may involve an actual, reportable, taxable transaction for the business, and a personal contribution by you to the organization, at full retail value.

Of course, that could just be funny money.

+1 on discussing with a CPA.
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9 years 5 months ago #414560 by Ted Baker
I just left message for my CPA this morning.  Well this is all good advice that I really appreciate.  Thank you all.  
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9 years 5 months ago #414594 by icepics
If this isn't a charity you usually support is it necessary to donate a framed print of this size and value? You never know in an auction how the bidding will go, I'd think about maybe a more moderately sized image that would be less costly to have framed. 

I wondered too how the charity found you to request this since there are a lot of scams out there. Of course if this is an actual event in your area then you'd know if it was legit.
Sharon
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9 years 5 months ago #414597 by Joves
I have not done a goods type of donation in years. When I did it was with a table I made from cherry wood, I got what it would have sold for on the open market, or what I would have sold it for. That was a longtime ago though, so now Gary is probably right. I do know I have shot photos for a food bank, and took off what it would have cost them hourly to use me. Since I do not do it for a living I used my regular job rate, which at the time was around $25 an hour. The Infernal Revenue Service never balked at either. But yeah anymore consult a tax expert. 
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9 years 5 months ago #414614 by Randy Shaw
Bump for a good thread
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9 years 5 months ago #414638 by Ben Vanderbilt
You should speak with your tax person on this one
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