Herbert I. Lazerow: Income Tax Planning for Visual Artists, Their Dealers, Investors, and Collectors (February 23, 2021)

Herbert I. Lazerow, of the University of San Diego Law School, has published a report in Tax Notes. His report, titled “Income Tax Planning for Visual Artists, Their Dealers, Investors, and Collectors,” begins as follows:

The tax issues of visual artists, art dealers, art investors, and art collectors all revolve around the same type of property: artwork. Be it a painting, drawing, print, sculpture, photograph, fabric, or glass art, that property raises tax issues for which advance planning can be useful. Some tax problems are shared by artists, dealers, investors, and collectors alike, such as the necessity to prove a profit motive in order to deduct expenses.1 However, those four categories of taxpayers face different tax results for the same activity in some cases, such as when artwork is sold or donated.2 This report explores those similarities and differences and suggests steps advisers can take to maximize tax benefits for their clients. It occasionally questions whether the similarities and differences — or the rules applied by the IRS — make sense.3

To see the full article, click here: “Income Tax Planning for Visual Artists, Their Dealers, Investors, and Collectors”

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