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The work is sold for a gross price of more than $1,000 or is exchanged for one or more works of art or for a combination of cash, other property, and one or more works of fine art with a fair market value of more than $1,000. The work is sold during the artist's lifetime or within 20 years of the artist's death. [2] The act does not apply if:
“One road brings a big tax liability. The other leads to a tax-free sale.” ... “If you buy a painting for $10,000 and then sell it for $25,000 the IRS taxes the capital gain of $15,000 ...
For example, if your tax return is due April 15, but that date falls on a Saturday, then your tax return due date is forwarded to the first business day following April 15, or Monday, April 17. However, if a deadline falls on a Sunday, the requirements for the exchange must be met no later than the last business day prior to the deadline date ...
The agreement was conceived by curator, dealer, and publisher of conceptual art Seth Siegelaub, and drafted by lawyer Robert Projansky as a means to "remedy some generally acknowledged inequities in the art world, particularly artists lack of control over their work and participation in its economy after they no longer own it". [2]
NEW YORK (Reuters) -Sotheby's will pay $6.25 million and adopt reforms to settle New York Attorney General Letitia James' lawsuit accusing the famed auction house of fraudulently helping clients ...
If you generated over $400 selling on an online marketplace, you must pay self-employment taxes. “Your additional income will be taxed as a capital gain,” Galstyan said. “Schedule D can be ...
Marshall & Chisti, An Exploration of the Relationships of Physical Features of Art Works to Art Valuations and Selling Prices in Fundraising, Society of Business, Industry and Economics, Proceedings 2006, p. 81. Ackerman, Martin S., The Economics of Tax Policies Affecting Visual Art, Journal of Arts Management and Law, 15:3 1985, pp. 61–71.
If you got paid for selling event tickets in 2024, then that income will have to be reported on your 2024 tax return next year, even if the sales took place in 2023.