Not that I'm the guy in the market for big purchases (I barely have two Big Proofs rubbing together), but this may be of interest to those on the board who do pick up gallery pieces. Literally worth a read. Hope it helps someone!
http://www.nytimes.com/2014/04/13/busin ... nd.html?hp
Tax breaks on that Metal piece
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- sweetjesus
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- unioneighteen
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Re: Tax breaks on that Metal piece
haha!(I barely have two Big Proofs rubbing together)
Interesting article.. I wasn't aware of that tax. Does the IRS expect art sales to be reported when they are done privately and/or through a website like ebay? We're not all buying Warhols, but all those little sales add up to a lot of potential tax revenue.
- sweetjesus
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Re: Tax breaks on that Metal piece
i think there's the idea that you claim any profits made from hobbies (i think it's in the same section as claiming gambling winnings). With purchases from galleries, they have to report sales, which means a paper trail leading to you and taxes.
Side note apropos of the little sales adding up....guy i knew who printed hippie shirts to sell on shakedown st used to say the big money actually came from stickers...those 2/$1 & 3/$1
Side note apropos of the little sales adding up....guy i knew who printed hippie shirts to sell on shakedown st used to say the big money actually came from stickers...those 2/$1 & 3/$1
Re: Tax breaks on that Metal piece
Yes, the IRS expects that every sale be reported and tax paid. They also expect brick and mortar stores to report all their sales but that doesn't happen either. If everyone paid all the taxes they legitimately owe there might not be a deficit.unioneighteen wrote:haha!(I barely have two Big Proofs rubbing together)
Interesting article.. I wasn't aware of that tax. Does the IRS expect art sales to be reported when they are done privately and/or through a website like ebay? We're not all buying Warhols, but all those little sales add up to a lot of potential tax revenue.
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Re: Tax breaks on that Metal piece
jjttdw wrote:Yes, the IRS expects that every sale be reported and tax paid. They also expect brick and mortar stores to report all their sales but that doesn't happen either. If everyone paid all the taxes they legitimately owe there might not be a deficit.unioneighteen wrote:haha!(I barely have two Big Proofs rubbing together)
Interesting article.. I wasn't aware of that tax. Does the IRS expect art sales to be reported when they are done privately and/or through a website like ebay? We're not all buying Warhols, but all those little sales add up to a lot of potential tax revenue.
"there might not be a deficit" can have many other, much heavier "if this or that happened"s in front of it
on point like a decimalist?