As follow-up to your Nov 20, 2021 piece on auction terms…… I’m curious if sellers pay any kind of income tax for the art work they sell at auction. Recognizing there may be differences between taxes owed by “those in the business” and the general public, I’m hoping you’ll explain both scenarios.
It seems like artwork sells for such vast sums at auction, I’m wondering how the Federal Gov’t gets their portion of any gains a person has made. Similarly, are folks entitled to claim a loss if a piece sells for more than they paid for it — both dealers and general public?
Thank you!
what if I have a question for the bon vivant himself? what if I want to buy something – who do I contact? thank you for your time.
As follow-up to your Nov 20, 2021 piece on auction terms…… I’m curious if sellers pay any kind of income tax for the art work they sell at auction. Recognizing there may be differences between taxes owed by “those in the business” and the general public, I’m hoping you’ll explain both scenarios.
It seems like artwork sells for such vast sums at auction, I’m wondering how the Federal Gov’t gets their portion of any gains a person has made. Similarly, are folks entitled to claim a loss if a piece sells for more than they paid for it — both dealers and general public?
Thank you!
what if I have a question for the bon vivant himself? what if I want to buy something – who do I contact? thank you for your time.