As a tax director and a member of Anchin's Private Client Group, Jeff focuses on planning and compliance for high net worth individuals. For many years, Jeff has given courses in taxation to other accountants within the framework of the expanding education requirements for certified public accountants.
Jeff is a member of the American Institute of Certified Public Accountants (AICPA) as well as the New York State Society of Certified Public Accountants (NYSSCPA).
- Private Client
- Tax Planning and Compliance
- Art and Other Collectibles - Tax ConsequencesJuly 31, 2017
Question: Why do you purchase and collect artwork and other collectibles? At first glance, such a question may not seem to have any connection to filing your annual tax return. However, the answers you give will go a long way in determining how any income you receive and expenses you incur as well as any gains or losses upon sale or disposition relating to your collectibles are reported on your tax return. Consider which of the following responses apply to you. Then continue reading to see the tax consequences of your answers.