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Acquiring, Holding and Transferring Art
by Mellon [More Info]
There are many costs associated with buying art other than its initial cost. Purchasers will no doubt incur expenses associated with transportation, storage,display, and insurance. There can be expenses for appraisals, conservation and restoration. These costs may be deductible on your federal income tax return depending upon how the Internal Revenue Service (the "Service") classifies you. Generally, artists, dealers and investors can claim these types of expenses if they are incurred as a normal and ordinary business expenses, or if they are incurred in the production of income.....................
Access : For Affiliate
Pages : 7
Category : Wealth Management
Cost :
Free
Date Published : 2006-11-18
