Deductions on your art
PURCHASE OF ART CAN BE DEDUCTED FROM TAX
It must be an original work of art:
painting, sculpture, graphics or the like.
Purchases of art can be deducted from tax!
It has to be 1. directly from the artist or through the gallery. It can be a work of art that is part of the company's building – then you can write off according to the same rules as depreciation of buildings, 5 percent per year. It can be a work of art that hangs up – then you can write off the write-off with depreciation of operating funds, 25 per cent a year.
TAX RULES DEDUCTING ART
The deduction rules provide your business with a number of benefits and options. For example, art can have a positive signal value to your employees and to the outside world:
One option for you is:
Decorate the company's premises and buildings with quality art – it provides something beautiful to look at and improves the working environment. Engage employees in decorating rooms and purchasing works of art. Support a local artist. Support a special art form.
WORKS OF ART HUNG OR PUT UP
The cost of purchasing works of art that are hung (typically paintings) or put up (typically sculptures or installations) on the company's premises can be depreciated according to the so-called balance method by up to 25 % per year. In other words, according to the same rules as furniture. Full depreciation can be made in the acquisition year, even if the purchase is made at the end of the financial year.
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