On February 13, 2025, Republican lawmakers in Congress introduced the Death Tax Repeal Act, which aims to permanently eliminate the federal estate tax. Since 2015, various legislative efforts to repeal the estate, gift, and...more
3/3/2025
/ Death Tax ,
Estate Planning ,
Estate Tax ,
Generation-Skipping Transfer ,
Gift Tax ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
Transfer Taxes
For federal estate and gift tax purposes, transfers are valued at the “fair market value” of the asset on the date of transfer. One of the more common estate tax audit issues is the failure to properly report the value of...more
For federal estate and gift tax purposes, transfers are valued at the “fair market value” of the asset on the date of transfer. One of the more common estate tax audit issues is the failure to properly report the value of...more
When it comes to estate taxes, the Internal Revenue Service (IRS) expects all tangible personal property to be properly reported on Schedule F of Form 706. This includes any valuable assets such as art collections, antiques,...more
1/15/2025
/ Art ,
Art Collections ,
Compliance ,
Estate Planning ,
Estate Tax ,
Fair Market Value ,
IRS ,
Reporting Requirements ,
Tax Fraud ,
Tax Liability ,
Tax Returns
Navigating the tax landscape for art dealers, investors, and collectors can be a complex endeavor, but proper classification is key to maximizing tax savings and avoiding pitfalls....more
1/7/2025
/ Art ,
Art Collections ,
Capital Gains Tax ,
Fine Art ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
Investors ,
IRS ,
Paintings Sculptures and Engravings ,
Tax Deductions ,
Tax Liability ,
Tax Planning