In Reply to: If I find a Rembrandt at a garage sale... posted by Ivan303 on May 1, 2021 at 10:33:01:
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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Follow Ups
- RE: If I find a Rembrandt at a garage sale... - Utley1 05/1/2110:47:17 05/1/21 (7)
- Hmmmmm........ - Ross 15:11:13 05/2/21 (0)
- A Giotto? I could only find this: - tinear 12:48:16 05/1/21 (4)
- RE: A Giotto? I could only find this: - Utley1 13:15:35 05/1/21 (0)
- RE: A Giotto? I could only find this: - Utley1 13:03:19 05/1/21 (2)
- I wouldn't burn a Cimabue in the fireplace... nt - tinear 06:37:57 05/2/21 (1)
- RE: I wouldn't burn a Cimabue in the fireplace... nt - Utley1 08:47:41 05/2/21 (0)
- RE: If I find a Rembrandt at a garage sale... - rivervalley817 11:09:35 05/1/21 (0)