Wealth Strategies Journal

Do More, Better, Faster

Category: Arts

Tax Break Used by Investors in Flipping Art Faces Scrutiny – NYTimes.com

The NY Times writes about tax collectors using like kind exchanges to defer gains on dispositions of artwork, noting that this practice is coming under scrutiny on Capital Hill.  The article begins as follows:

Introduced in the 1920s to ease the tax burden of farmers who wanted to swap property,

Continue reading

Artwork in Disputes by Leila Alexandra Amineddoleh

Leila Alexandra Amineddoleh has made available for download her article, “Artwork in Disputes,” which was published in the Family Law Newsletter, Boston Bar Association, Fall 2014.  The abstract reads as follows:

As with the passing of all testate and intestate property, the distribution of artwork can be accompanied with controversy

Continue reading

Court Ruling on Art Estate Taxes Could Save You Millions

Artnet News is reporting that a recent Fifth Circuit opinion is being viewed as a victory for art collectors looking to dodge or minimize estate taxes. In that opinion, a US Appeals court agreed that shared ownership of a multi-million dollar blue chip art collection—also known as a “fractional interest”—entitled … Continue reading

The Weighty Responsibility of Inheriting a Collection

Paul Sullivan, in his weekly NY Times column, Wealth Matters, writes about the impact of a large collection on heirs.  His article  begins as follows:

AFTER her mother died, Jaye Smith surveyed the boxes around the big, rambling house where she had lived on Staten Island for 50 years and

Continue reading

Tips for Dividing Art in a Divorce or Death

The Wall Street Journal discusses how some of the biggest fights that can erupt during divorce proceedings or when a family member leaves behind a large estate take place over the artwork.

“I’d put it in the same category as child-custody battles,” says Suzanne Landers, an attorney specializing in family … Continue reading