Since 2000, Art Rent and Lease has structured tax-deductible art rentals for corporate, healthcare and hospitality clients throughout the US. Our consultants work with building and facility managers, designers and architects to bring the beauty of fine art into the workspace, utilizing sustainable artwork from our gallery of emerging and established artists.
An art rental may be the only true method for a business to take a deduction on artwork, providing the rental is structured to meet IRS guidelines. Under a true rental, a business entity may expense the rental payment for artwork located at their place of business, just as they would when renting furniture, fixtures or equipment.
Artwork (and antique musical instruments) do not have a "determinable useful life" for depreciation purposes as defined by the IRS, and cannot be depreciated or expensed. It makes no difference if artwork is acquired by purchase or a lease: leases typically have a fixed purchase option of $1 or 10%, making the lease a conditional sales contract (or capital lease) in the eyes of the IRS, and therefore not a qualifying structure.
An excerpt taken from "The CPA Journal" regarding Federal Taxation:
Revenue Ruling 68-232 (1968-1 C.B. 79) states that a valuable and treasured art piece does not have a determinable useful life. The ruling also distinguishes between the condition of the artwork and its life. While the actual physical condition of the artwork may influence the market value placed on it, its condition will not ordinarily limit or determine the artifact's useful life. Accordingly, works of art may not be depreciated. While a precise definition of "works of art" does not exist in the code, such assets usually fall into a category of assets that have no determinable useful life and do not predictably decline in value.
If your company is considering artwork for a new location, a renovation or to replace outdated works, please contact us about structuring a rental that will allow you to not only enjoy the artwork, but also provide tax advantages.
Visit us at: http://www.artrentandlease.com/ or call (888) 440-9260 for more information or to schedule a free initial consultation.
Our attorney's advise us to inform you to consult with your tax professional prior to any fine art acquisition. This information is not meant to provide legal or tax advise and we cannot be held responsible for any errors or omissions.
Thursday, January 13, 2011
Wednesday, January 12, 2011
Help Us With New Project Referrals
We love referrals from our friends, clients and followers!
Please let us know of any projects you hear about: building, remodeling, relocating, an expansion, painting, new window coverings, new furnishings - any time a company is in this process, they may need artwork.....that's what we do.
We're art consultants that work with companies to bring the beauty of fine art into the workspace - we sell art, rent art and can lease art too - whatever works for the client's budget, anywhere in the US.
Keep is in mind and thanks again for your referrals! lisa@artrentandlease.com (888) 440-9260
Please let us know of any projects you hear about: building, remodeling, relocating, an expansion, painting, new window coverings, new furnishings - any time a company is in this process, they may need artwork.....that's what we do.
We're art consultants that work with companies to bring the beauty of fine art into the workspace - we sell art, rent art and can lease art too - whatever works for the client's budget, anywhere in the US.
Keep is in mind and thanks again for your referrals! lisa@artrentandlease.com (888) 440-9260
Tuesday, January 11, 2011
Amazing way to Transform your Light Fixture Covers & Accoustic Tiles
Monday, January 10, 2011
First Impressions Count - Consider an Art Rental or Art Lease
Your company still needs to have art on the walls! Bare walls don't enhance your image and they most certainly don't improve employee morale. Additionally, bare walls don't elicit confidence or encourage creativity - they do just the opposite.
What do your customer's think and feel about you when they walk into your office and see nothing that projects your objectives, strength, stability and style?
Believe it: first impressions really do count!
In these tough economic times, everyone is actively looking for ways to maximize their limited budgets when they need art for their lobby, conference room, offices and hallways. Fine art rentals and leasing can help you meet those needs within a tight budget. Art rentals or leasing requires a low up-front capital expenditure and features art for rent starting at just $20 per month!
www.artrentandlease.com has over 3,200 works of art from over 100 emerging and established artists in virtually every medium. Clients can rotate between different works of art, always providing a fresh new look to their office space. For a free consultation call us at (888) 440-9260.
What do your customer's think and feel about you when they walk into your office and see nothing that projects your objectives, strength, stability and style?
Believe it: first impressions really do count!
In these tough economic times, everyone is actively looking for ways to maximize their limited budgets when they need art for their lobby, conference room, offices and hallways. Fine art rentals and leasing can help you meet those needs within a tight budget. Art rentals or leasing requires a low up-front capital expenditure and features art for rent starting at just $20 per month!
www.artrentandlease.com has over 3,200 works of art from over 100 emerging and established artists in virtually every medium. Clients can rotate between different works of art, always providing a fresh new look to their office space. For a free consultation call us at (888) 440-9260.
Sunday, January 9, 2011
What Can a Corporate Art Consultant do for YOU?
The two biggest stumbling blocks to moving past bare walls is fear of picking something that someone will not like and then working within a budget. Believe me, an art consultant has everyday experience in these two hang ups. To say that most people in that position feel your pain is an understatement.
What often happens is that those two points cause decision makers not to decide and those walls stay empty. The message to customers and the morale of employees remain bare and tax incentives are left on the table.
Obviously, Building and Facility Planners can and often do benefit from the services of an art consultant. But there are so many others who could benefit. Within almost any budget. Have you ever thought about utilizing an art consultant for short term needs? Examples of short term options where an art consultant can be an invaluable part of the team are advertising shoots, home staging's for resale, open houses for professional offices or even movie sets.
So, what are you waiting for? Call us today and start reaping the benefits! 888-440-9260 for a free initial consultation.
Saturday, January 8, 2011
MSN Money: Why own when you can rent?
By MP Dunleavey
MSN Money, An Excerpt:
Oh, the things you can rent!
Transumers are able to enjoy a vast and ever-changing number of experiences. For example:
Why buy one pricey designer bag when you can rent a dozen at Bag Borrow or Steal or From Bags to Riches?
Why pay for the upkeep of a car when you can car-share for a fraction of the cost, renting a Prius for your grocery trip, a Mini for your date and a truck for bringing home your latest Craigslist bargain? (Check out CarSharing.net to find dozens of services, like Zipcar, in cities all over the world.)
Why buy a piece of artwork when you can adorn your home with a series of low-priced rentals from a local museum or online gallery such as Art Rent & Lease, or even free pieces on loan from a library?
Less is more in the short term. There's nothing new about renting, of course.
Renting has long been an alternative to buying things that were unaffordable or pointless to purchase because you needed them only temporarily (whether a tuxedo, pressure washer or diamond tiara for the Oscars).
But the seesawing economy has highlighted a big advantage of renting: Smaller, incremental payments are more manageable when you're worried about cash flow and job security.
Is renting really a cheaper way to go? It can be.
See the rest of the article at: http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/why-own-when-you-can-rent.aspx
And for information on renting artwork, visit http://www.artrentandlease.com/
MSN Money, An Excerpt:
Oh, the things you can rent!
Transumers are able to enjoy a vast and ever-changing number of experiences. For example:
Why buy one pricey designer bag when you can rent a dozen at Bag Borrow or Steal or From Bags to Riches?
Why pay for the upkeep of a car when you can car-share for a fraction of the cost, renting a Prius for your grocery trip, a Mini for your date and a truck for bringing home your latest Craigslist bargain? (Check out CarSharing.net to find dozens of services, like Zipcar, in cities all over the world.)
Why buy a piece of artwork when you can adorn your home with a series of low-priced rentals from a local museum or online gallery such as Art Rent & Lease, or even free pieces on loan from a library?
Less is more in the short term. There's nothing new about renting, of course.
Renting has long been an alternative to buying things that were unaffordable or pointless to purchase because you needed them only temporarily (whether a tuxedo, pressure washer or diamond tiara for the Oscars).
But the seesawing economy has highlighted a big advantage of renting: Smaller, incremental payments are more manageable when you're worried about cash flow and job security.
Is renting really a cheaper way to go? It can be.
See the rest of the article at: http://articles.moneycentral.msn.com/SavingandDebt/LearnToBudget/why-own-when-you-can-rent.aspx
And for information on renting artwork, visit http://www.artrentandlease.com/
Friday, January 7, 2011
When Overlooked Art Turns Celebrity
“The Wine of St. Martin’s Day,” once unappreciated in a dark corridor, is now attributedto Pieter Bruegel the Elder and is being restored by the Prado.
From the New York Times
MADRID — The painting was beautiful, just not admired. Then suddenly, after more than four centuries, it was. It acquired a pedigree. The art hadn’t changed, but its stature had.
For the complete story, please visit:
http://www.nytimes.com/2010/12/14/arts/design/14abroad.html?ref=design
http://www.nytimes.com/2010/12/14/arts/design/14abroad.html?ref=design
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