The Taxman Cometh

Mar 16, 2008 | Collectibles | 0 comments

It really looks like if you’re an American collector, and you are not out to hide anything, the IRS will eventually grab a good piece of your action…

If you collect, the IRS will collect from you

The State | 03/16/2008
By ARDEN DALE – The Wall Street Journal

“Oil paintings, old cars or Elvis’ guns: Whatever you collect is a tax bill waiting to happen. Capital gains, estate and gift taxes may all come into play depending on whether you decide to sell off parts of the collection or bequeath it to an heir.

Collector, investor or dealer? Experts advise that you start by deciding your tax status: collector, investor or dealer. Tax rules recognize these three categories, and deductions are handled differently for each under the Internal Revenue Code.

Read the Full Story >>

Sponsored by:

More Collectible News

Rare Virgil Abloh Sneaker Auction

Sotheby’s Modern Collectibles is currently auctioning off rare pairs of sneakers designed by the legendary Virgil Alboh with some of the items already exceeding the pre-sale estimates. Alboh passed away on November 28, 2021 at the age of 41, after a two-year battle...

Rare Posters Auction Results March 2022

Another world record sale from PAI totals over $2.8M; Rare Posters Auction LXXXVI on March 20 realized new chart-topping prices. New York, NY – March 30, 2022 — Poster Auctions International’s (PAI) first sale of the year, on March 20, finished at $2,880,000. Rare...

Most Valuable Autographs and Signatures Ever Sold

This started as a top ten list, but we came across some additional entries that deserved to be on the list. 12) John F. Kennedy's Newspaper signed on the morning of his assassination: $39,000 The copy of the November 22nd 1963 edition of the Dallas Morning News was...


Christie's is offering what is potentially poised to become the most expensive 20th century artwork ever sold at auction. With a pre-sale estimate of $200 million USD (with the possibility of a sale of $250 million), Shot Sage Blue Marilyn is described as among the...