Collectibles in St Petersburg Florida

Do you know the tax impact of your collectibles?

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They say one person’s trash is another person’s treasure. This may hold true when it comes to collectibles — those various objets d’art for which many people will pay good money. But if you’re considering selling or donating some of your precious items, be sure to consider the...
Collectibles in St Petersburg

What you need to know before donating collectibles

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If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on...
Tax Court Settles the Score on Sports Collectibles Activity in Tampa, Florida

Tax Court Settles the Score on Sports Collectibles Activity

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Are you a collector of antiques, artifacts or other goods? If your passion evolves into a full-fledged business with a profit motive, you may use a resulting tax loss to offset other income on your return. However, if the IRS classifies the activity as just a hobby — as it...