[Are there any tax writeoffs when purchasing art?]
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[Are there any tax writeoffs when purchasing art?]
Buying expensive art, is there any tax right offs for the individual investor that I am now aware of? Any insights? These are for personal use in my primary home
Re: [Are there any tax writeoffs when purchasing art?]
I am pretty sure the answer is “no”Eastcoaster212 wrote: ↑Tue Jun 22, 2021 5:03 pm Buying expensive art, is there any tax [write] offs for the individual investor?
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Re: [Are there any tax writeoffs when purchasing art?]
Kramer: It's a write off for them.
Jerry: How is it a write off?
Kramer: They just write it off.
Jerry: Write it off of what?
Kramer: They just write it off!
Jerry: You don't even know what a write off is, do you?
Kramer: No. Do you?
Jerry: No I don't!!
Jerry: How is it a write off?
Kramer: They just write it off.
Jerry: Write it off of what?
Kramer: They just write it off!
Jerry: You don't even know what a write off is, do you?
Kramer: No. Do you?
Jerry: No I don't!!
VTI 48%, VXUS 12%, BND 40%
Re: [Are there any tax writeoffs when purchasing art?]
That’s a good one!
Retired life insurance company financial executive who sincerely believes that ”It’s a GREAT day to be alive!”
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Re: [Are there any tax writeoffs when purchasing art?]
There is no federal income tax deduction or exemption for art held for personal use.
Art donated to a charity may support a charitable contribution deduction, although special rules may apply to donor-created art, or to art donated to a charity that will sell the art or otherwise not use the art in its charitable activities. Appraisal requirements may also apply. Self-dealing issues can exist if art is held by a private foundation and the donor or another disqualified person is given special access to the art. The IRS considers art donations to be a potential area for abuse, so care should be taken to ensure that the right rules are followed.
State sales and use taxes can also apply to the purchase or display of art, depending on the jurisdiction. Some taxpayers try to initially display expensive works of art in a museum, rather than in their home, in order to avoid sales or use tax. This is a controversial practice, it is not clear whether it really works, and the relevant rules differ from state to state.
Nonresident aliens should exercise caution with keeping expensive artworks in the United States, as this potentially could expose the art to U.S. estate taxes.
Art donated to a charity may support a charitable contribution deduction, although special rules may apply to donor-created art, or to art donated to a charity that will sell the art or otherwise not use the art in its charitable activities. Appraisal requirements may also apply. Self-dealing issues can exist if art is held by a private foundation and the donor or another disqualified person is given special access to the art. The IRS considers art donations to be a potential area for abuse, so care should be taken to ensure that the right rules are followed.
State sales and use taxes can also apply to the purchase or display of art, depending on the jurisdiction. Some taxpayers try to initially display expensive works of art in a museum, rather than in their home, in order to avoid sales or use tax. This is a controversial practice, it is not clear whether it really works, and the relevant rules differ from state to state.
Nonresident aliens should exercise caution with keeping expensive artworks in the United States, as this potentially could expose the art to U.S. estate taxes.
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