Phone: September 1, 2019
If you have possessions that are ready for a new home, or past their use by date, the Venice area has lots of options. We have consignment shops, thrift shops, charities such as Habitat for Humanity, and a customer-oriented trash collector who will remove large items placed next to your garbage can. That’s fine for most things, but what about those rare items such as paintings or antiques that have actually appreciated in value?
If you follow what seem to be very generous IRS rules, you may be able to get a tax deduction for the full appraised value of those items, even if you paid less than that when you acquired them. Best of all, you would not be subject to capital gains tax on the increase in value. There is a wide range of property that could possibly qualify, such as:
- Real Estate
- C-Corp and S-Corp Stock, Limited Partnerships or LLCs
- Restricted Stock
- Tangible Personal Property – Art/Collectibles
- Patents
- Sports Teams
– Alan E. Gorlick, CEO, Gorlick Financial Strategies
Contact Biz Tip contributor, Alan E. Gorlick
