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FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
Thread started 11 Jan 2009 (Sunday) 19:11
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Charitable deduction - what is FMV of ....

 
40Dude6aedyk
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Jan 11, 2009 19:11 |  #1

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!


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DDCSD
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Jan 11, 2009 19:19 |  #2

What kind of book? How big of an image?


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40Dude6aedyk
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Jan 11, 2009 20:16 as a reply to  @ DDCSD's post |  #3

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


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D ­ Thompson
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Jan 11, 2009 20:21 |  #4

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


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40Dude6aedyk
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Jan 11, 2009 20:36 |  #5

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


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DDCSD
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Jan 11, 2009 21:19 |  #6

40Dude6aedyk wrote in post #7055827 (external link)
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.


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dontblink
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Jan 11, 2009 22:33 |  #7

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.


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egordon99
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Jan 12, 2009 07:57 as a reply to  @ dontblink's post |  #8

http://hrblock.com …=Charitable%20D​onations#2 (external link)

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.




  
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egordon99
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Jan 12, 2009 07:59 |  #9

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

(you'll save what? fifteen cents?)

40Dude6aedyk wrote in post #7055310 (external link)
What do you think the FMV would be, maybe $1.50? How much might you charge?

Thanks!




  
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Charitable deduction - what is FMV of ....
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