Thursday, August 12, 2010

Are There Tax Benefits to Leasing or Renting Artwork for My Office?

While the answer to that specific questions is with you and your tax advisor, the answer is that there are tax benefits to renting or leasing artwork for your office.

For example, a professional office building would not have art as a major asset or part of their business. So a lease would most likely be an operating lease, which could have tax benefits, and a rental is an expense.

Once you have talked with your tax advisor and determined how much you should spend and how the spending should be structured, it is time to take advantage of the time and talents of an art consultant. She can take the budget and needs you have and convert it into a program that takes full advantage of your tax benefit, preserves precious capital and converts your empty walls into an asset that improves your workplace and gives customers a reason to visit.

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