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[icon] Woohoo - Patti
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Subject:Woohoo
Time:06:31 am
Photo_120106_001.jpg


I went to the NaNoWriMo TGIO (thank god it's over) party tonight. Beforehand there was a call for donations of artwork that somehow fit the theme of the novel. "I can do that!" I printed a photo, put it in a mat, and printed a wall card for it.

I priced the 8x10 print at $75, and it sold in the first 15 minutes. Of course, I don't see a dime from that since it was a donation to NaNo, but I do get to write it off my taxes.

And it looks like I'm going to be vending at an art show next weekend. YIKES!
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whitebird
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Time:2006-12-02 07:03 am (UTC)
Congratulations!
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sabyl
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Time:2006-12-02 09:29 am (UTC)
Awesome!
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danloncaric
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Time:2006-12-02 07:32 pm (UTC)
Remember, your tax deduction is not $75, but the actual cost of the item donated (your printing and material costs). Had you sold the item for $75 and donated the money, you would get a $75 deduction, but you would also have $75 in taxable income, so the net effect of your tax deduction is still your cost of goods sold.

From the IRS web site:
If you donate any inventory item to a charitable organization, the amount of your deductible contribution is the FMV of the item, minus any gain you would have realized if you had sold the item at its FMV on the date of the gift. For more information, see Publication 526.

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[icon] Woohoo - Patti
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