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Published online by Cambridge University Press: 01 May 2025
How do taxes, death, and divorce affect art (and vice versa)? This chapter considers specific income tax issues for artists and art collectors, such as what expenses they can deduct and when proceeds from the sale of appreciated art are treated as capital gains or ordinary income; how charitable deductions of art work; estate planning issues particular to artists and art collectors; legal and ethical challenges in the administration of the estates of artists and art collectors; and how art is divided when couples divorce.
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