Yazzy’s Fine Art Money Saving Tax Advantage Program, at www.williamverdult.com
Saturday, July 11, 2009 at 07:00AM Yazzy’s Fine Art Money Saving Tax Advantage Program
Do you have a Verdult painting and want to get the full value out of the painting as well as do some good in this world? Then consider participating in Yazzy’s Fine Art Charitable Tax Donation Program.
Here is an opportunity to get the full market value out of your artwork and do some good in this world too!
The program is designed to help individuals and businesses get the full market value out of their assets while getting a tax break and helping a worthy Charity or non-profit organization. Yazzy's Charitable Tax Donation Program is designed to help art lovers and investors with Verdult paintings as well as those owning other art to get market value out of their investment.
Wealthy individuals have been donating art to museums and other organizations for years and have received acceptable and legitimate tax write-offs.
While known to be the exclusive domain of the wealthy, tax payers with modest incomes as well as businesses can participate in the Charitable Donation program and receive a significant tax write-off.
Each individual’s situation is obviously different, but done properly; a significant tax write-off is possible. In some cases the tax write-off can amount up to 50% of your annual gross income with amounts being carried forward until you have used up the full amount of the write-off.
In most cases the write-off amount is based upon the fair market value of your artwork as determined by a qualified and competent appraiser providing an appraisal for tax purposes. For example, you may have acquired a Verdult painting at auction in year 2005 for $3,500; and based upon a fair market appraisal by a qualified appraiser, the fair market value of the painting is now $27,000.00.
Depending upon your gross income, and regardless of the $3,500 price initially paid, you may be entitled to the full deduction of $27,000.00. As long as you donate the artwork in accordance with the applicable laws to a qualifying agency who will use the art for a reasonable purpose in accordance with its mission.
In addition to having acquired the painting and held it for over 12 months there are other rules that apply and must be met before the write-off can be taken.
Charity, Donate, Non-profit, tax in Tax Savings
Reader Comments (2)
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