How a tax loophole lets this billionaire buy, sell art at public’s expense 1 1

[vodou]

10 hours ago, ShallowDan said:

Any thought on the election you'd like to share????  

Yes, I too was struck that OP may well have been 'bait'.

Not taken

[Bronty]

4 hours ago, Rick2you2 said:

On a related note, this is a good way to get rid of comic art you don’t really want. I once had to buy a three page set of Gene Colon pages to get the one page I wanted. I also knew the other two pages wouldn’t command much interest (like a lot of what Anthony’s sells). So, two went to charity, and I took a nice deduction for their FMV— not the same thing as being able to sell something at an estimated FMV.

Gene Colon?

Sounds like poopy art!

[Rick2you2]

2 hours ago, Bronty said:

Gene Colon?

Sounds like poopy art!

Nah. Too constipated.

[Will_K]

I'm far from being a Gene Colan fan... but I'm a stickler for getting the names right.

Edited November 6, 2020 by Will_K

[grapeape]

Why is everyone taking a dump on Gene COLON.???...I hear his work as attributed is selling like hot cakes on the black market auctions along the likes of art drawn in the manner of Jake Kilby and Kneel Adams.

 

[romitaman]

17 hours ago, Rick2you2 said:

On a related note, this is a good way to get rid of comic art you don’t really want. I once had to buy a three page set of Gene Colon pages to get the one page I wanted. I also knew the other two pages wouldn’t command much interest (like a lot of what Anthony’s sells). So, two went to charity, and I took a nice deduction for their FMV— not the same thing as being able to sell something at an estimated FMV.

is  Gene Colon ERNIE's brother?

[Rick2you2]

I get it. After performing a quick colonoscopy: Gene Colan. 

More pointedly, has anyone else use the tax code to help their collecting habits? Ideas? 
Not just things like junkets for dealers, but other ways.

Goodwill Industries sells comics for $1.00 each when they get them. That’s more than a dealer would pay for some bargain bin material. Does that become the fair market value for tax purposes?

 

[ThothAmon]

35 minutes ago, Rick2you2 said:

Does that become the fair market value for tax purposes?

What you paid for them is your basis. If you attempt to take a higher than purchase value there has been a capital gain and you’d better let an accountant figure it out.