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The Official The Walking Dead Discussion Thread
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Started by MutantKeys,

40,454 posts in this topic

Garf

Garf

Posted
Posted (edited)
dead link :/

 

individual_without_enough_empathy you made me click

 

"Forbidden

 

You don't have permission to access /wp-content/uploads/2013/07/walking-dead-booth.jpg on this server."

 

Maybe mine is (edit) UK peering *shrug*

 

http://www.bleedingcool.com/2013/07/16/walking-dead-lego-heroes-hoisting-that-logo-for-the-75th-year-and-other-san-diego-construction

Edited by Garf
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brendanb438

brendanb438

Posted
Posted
You would basically have to prove that it is worth more than the $12,100 it ended for.

 

That's not how it works... $12,100 - "fair value" = amount you can claim as a charitable donation.

 

We discussed this a few pages ago. What determines FMV? Here is the defenition from IRS Publication 561:

 

Fair market value. Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.

 

You would have to argue that the FMV of the Adlard cover was less then what it sold for. That seems tough to me. That's why I say you would need to prove that it's FMV is more than what it ended for. $$ - $12,100 = deduction.

 

Either way you want to look at it, consult a competent tax preparer.

 

I don't think the recipient of the artwork can claim ANY write-off because they are receiving the artwork that was sold on the open market. Regardless that the money is going toward charity - the fact is, it sold on the open market and the fact that it sold with the proceeds going to charity does not change the value of the item received.

 

The person getting the write-off here would be the artist IF the artist donated the piece and did not get anything in return.

 

Oh, and never to post here and not take a shot on WD prices. No offense, but 12 grand on that WD cover :insane::insane: :insane: :insane: :insane: :insane: :insane: :insane:

 

The IRS has a whole damn page dedicated to Charity auctions and write-offs. HI will not give you a receipt that says this comic is worth X but you actually donated Y. If you push them for something in writing it will say exactly what you got being a book in an open auction format that ended at Y being what you paid.

 

Then when you get audited and the IRS contacts HI and they say why yes this is an original one of a kind piece of artwork, of which the market for it was set in the open auction we held on eBay hence it is worth that amount in our eyes and we can't claim it to be worth a lesser amount, then said auditor will have their way with you and your records.

 

Until that Adlard either pops on the open market or HI confirms the person paid for it I don't believe that price is legit.

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retrothecollector

retrothecollector

Posted
Posted
oh man that banner is awesome!!!

 

Negan looks a bit different... did in the AoW grainy Image Expo grainy pic too.

 

 

http://www.bleedingcool.com/2013/07/02/walking-dead-to-go-bi-weekly-over-seven-months-for-all-out-war/

 

Looks like he is going to get the kicked out of him at some point... should be fun.

Damn Garf nice find. Yeah Negan doesn't look too good. lol AoW is looking WoW!!! lol

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bffnut

bffnut

Posted
Posted
You would basically have to prove that it is worth more than the $12,100 it ended for.

 

That's not how it works... $12,100 - "fair value" = amount you can claim as a charitable donation.

 

We discussed this a few pages ago. What determines FMV? Here is the defenition from IRS Publication 561:

 

Fair market value. Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction.

 

You would have to argue that the FMV of the Adlard cover was less then what it sold for. That seems tough to me. That's why I say you would need to prove that it's FMV is more than what it ended for. $$ - $12,100 = deduction.

 

Either way you want to look at it, consult a competent tax preparer.

 

I don't think the recipient of the artwork can claim ANY write-off because they are receiving the artwork that was sold on the open market. Regardless that the money is going toward charity - the fact is, it sold on the open market and the fact that it sold with the proceeds going to charity does not change the value of the item received.

 

The person getting the write-off here would be the artist IF the artist donated the piece and did not get anything in return.

 

Oh, and never to post here and not take a shot on WD prices. No offense, but 12 grand on that WD cover :insane::insane: :insane: :insane: :insane: :insane: :insane: :insane:

 

The IRS has a whole damn page dedicated to Charity auctions and write-offs. HI will not give you a receipt that says this comic is worth X but you actually donated Y. If you push them for something in writing it will say exactly what you got being a book in an open auction format that ended at Y being what you paid.

 

Then when you get audited and the IRS contacts HI and they say why yes this is an original one of a kind piece of artwork, of which the market for it was set in the open auction we held on eBay hence it is worth that amount in our eyes and we can't claim it to be worth a lesser amount, then said auditor will have their way with you and your records.

 

Until that Adlard either pops on the open market or HI confirms the person paid for it I don't believe that price is legit.

 

+1

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Lovebeer

Lovebeer

Posted
Posted

The IRS has a whole damn page dedicated to Charity auctions and write-offs. HI will not give you a receipt that says this comic is worth X but you actually donated Y. If you push them for something in writing it will say exactly what you got being a book in an open auction format that ended at Y being what you paid.

 

Then when you get audited and the IRS contacts HI and they say why yes this is an original one of a kind piece of artwork, of which the market for it was set in the open auction we held on eBay hence it is worth that amount in our eyes and we can't claim it to be worth a lesser amount, then said auditor will have their way with you and your records.

 

Until that Adlard either pops on the open market or HI confirms the person paid for it I don't believe that price is legit.

 

I don't want to beat a dead horse here, so I won't comment about it again. I only throw this out there in hopes that the rest of the auctions for HI bring huge donations for their cause! I know how hard it can be to raise money for non-profits.

 

The IRS has many pages about this topic because it happens frequently. Every piece of art is a "one of a kind," and people donate art ALL THE TIME. Also, charity auctions are often viewed as an "artificially supported" marketplace. Many auctions list an FMV with the item, knowing that people will spend over that amount to raise more money for the cause. That is why it is NOT a stretch for HI to provide that info on the receipt. In most cases that is sufficient for the IRS, but any art over $5k really demands an art appraisal for a comfortable write off.

 

In many cases, when an artist is still living, the FMV would be for the creation of, or ability to obtain a comparable item. If the appraiser asks Mr. Adlard to create another one just like it and he says, sure, the market rate is $6k - they would appraise it that amount, not the charity auction realized price.

 

PSA: when in doubt call the IRS, they actually are helpful at answering these questions.

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JS

JS

Posted
Posted

JERRY WE MISS YOU!!!!!!! Where you been player??! Lurking? lol

 

:acclaim:

 

been really busy with work -- overworked and understaffed for the summer - my right hand man is out studying for the bar --

 

dont fret - ill be back in full swing come late august :)

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