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RE: If I find a Rembrandt at a garage sale...

Simple rule; all commodities and services(trading gold oil, futures, options etc) if they produce profits(less cost and depreciation) are taxed as income. Art is not considered a commodity but electronics, vehicles are.Decades ago I used to trade autographed baseball cards and learned the hard way they cannot be reported as capital gains, even if you claim it is a hobby. IRS is not interested in that. Given the fact has little resources,(not my advice) they have a thresh hold in what would interest them So sell your Rembrandt-you will be fine. Lightening strikes. Some one last year found a Giotto in the attic of the house they bought.(that was great law suit between buyer and seller , regarding ownership painting.


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