Charitable deduction - what is FMV of ....

[40Dude6aedyk]

My wife has asked me to take a photo of her charity group that will be published in a book. I want to deduct from my taxes the Fair Market Value of said photo. I guess I can go out and get quotes from a professional photographer for what they would charge. What do you think the FMV would be, maybe $1.50? How much might you charge?

Thanks!

[DDCSD]

What kind of book? How big of an image?

[40Dude6aedyk]

high school yearbook, to fit in about a 5" x 7" ad space

[D Thompson]

If it was for my wife and her charity group for this purpose I wouldn't worry about it.

[40Dude6aedyk]

OK, I'm gonna deduct $499.99 from my taxes. How's that sound?

[DDCSD]

OK, I'm gonna deduct $499.99 from my taxes. How's that sound?

Sounds like an audit waiting to happen... :lol:

I'm with Dennis, I wouldn't even bother with deducting it.

[dontblink]

Your time as a charitable contribution is not tax deductible.

So the FMV of a photo of a charity group? Who would buy it for any price? If you put it on a CD or make a print then you can deduct the cost of materials.

[egordon99]

http://hrblock.com/taxes/tax_tips/deductions_credits/charitable_giving.html?ttiptitle=Charitable%20Dona tions#2

Like dontblink said above, you can't do what you're trying to do.....You CAN deduct the mileage you spent driving to the shoot, and any out-of-pocket costs (CDs, postage, etc...), but you can't just say "This would have cost you guys $500, but I'm a nice guy and will do it for free" and then deduct $500 from your taxes.

[egordon99]

Hey, if it's $1.50 (one dollar and fifty cents), sure, go ahead, deduct it :lol:

(you'll save what? fifteen cents?)

What do you think the FMV would be, maybe $1.50? How much might you charge?

Thanks!