Four Tax Tips for Art Collectors to Keep in Mind This Year
Perhaps the biggest shift in tax policy for art collectors in recent years came in 2017, with the elimination of the “like-kind” exchange for the category of art. This exchange allowed a collector to defer capital gains tax, provided they put the profits from the purchase toward another asset of the same kind—in this case, art. The Tax Cuts and Jobs Act of 2017 curtailed the use of the like-kind exchange to real estate transactions. And although many predicted that the elimination of the like-ki