There has been considerable coverage in the last week about so-called “like-kind” exchanges of art, and federal tax. This has been driven by two factors: President Obama’s 2016 proposed budget, which would eliminate the tax deferral on these “1031 exchanges” for art and collectibles, and a recent New York Times article entitled “Tax Break Used by Investors in Flipping Art Faces Scrutiny.” The prospect of actual change is dubious, but there is no question that the prospect of the elimination of this tax deferral means anyone who is considering such an exchange for their art and collectible collection should be paying attention.
Like-Kind Exchanges—Art and Collectibles’ Tax Deferral in the Crosshairs
Posted by
Nicholas O'Donnell on April 29, 2015 at 7:56 AM
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Topics: 1031 Exchange, Jay Darby, Tax and Sports Update, Ernst & Young, New York Times, Like-Kind Exchange, Tax
