My wife sold a painting this year. Which of her art expenses can I claim as business expenses on our tax return? The expenses amount to quite a bit more than the price of the painting.
Art classes?
Art supplies?
Art books?
Asked on 1/01/12, 3:31 pm
1 Answer from Attorneys
Sanford M. Martin
Sanford M. Martin, P.A.
For tax purposes, you may claim any expense directly related to the
work of art: art supplies and time required to produce the painting at a reasonable
cost of her time; also you may claim a reasonable charge for overhead including
rental space, utilities, and other general costs allocated to her work based on
time devoted. Other costs such as books, travel, education, etc. must be
directly related to the specific painting.
Answered on 1/01/12, 4:55 pm
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