irl1
Full Member
Posts โข 9,274
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December 2017
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moron
Junior Member
Posts โข 2,711
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September 2017
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The 20 Most Expensive Artworks Sold at Auction in 2018, by moron on Dec 25, 2018 22:18:30 GMT 1, It just goes to show that the mega wealthy still have ways of avoiding tax and that the art sales prices reflect this loophole.
It just goes to show that the mega wealthy still have ways of avoiding tax and that the art sales prices reflect this loophole.
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Unica
Junior Member
Posts โข 2,058
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November 2013
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The 20 Most Expensive Artworks Sold at Auction in 2018, by Unica on Dec 26, 2018 14:05:48 GMT 1, It just goes to show that the mega wealthy still have ways of avoiding tax and that the art sales prices reflect this loophole.
It just goes to show that the mega wealthy still have ways of avoiding tax and that the art sales prices reflect this loophole. What's the loophole your referring to? |
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Unica
Junior Member
Posts โข 2,058
Likes โข 1,220
November 2013
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The 20 Most Expensive Artworks Sold at Auction in 2018, by Unica on Dec 26, 2018 18:15:12 GMT 1, Interesting and thank you, I always thought the 1031 was a useful way to defer CGT on property, didn't know you could use it on art. Now what's the loophole they use now?
Interesting and thank you, I always thought the 1031 was a useful way to defer CGT on property, didn't know you could use it on art. Now what's the loophole they use now?
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moron
Junior Member
Posts โข 2,711
Likes โข 1,050
September 2017
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The 20 Most Expensive Artworks Sold at Auction in 2018, by moron on Dec 30, 2018 23:24:57 GMT 1, It just goes to show that the mega wealthy still have ways of avoiding tax and that the art sales prices reflect this loophole. What's the loophole your referring to?
It used to be that one could pay for an expensive painting sold via Sotheby's etc with a suitcase full of cash , no questions asked.
I guess nowadays one can pay millions from some offshore account using some proxy buyer.
Panama Papers show how the very rich use art to get richer
fusion.tv/story/288515/panama-papers-leak-art-market/
"Freeports have become a one-stop shop. Galleries and art lenders have offices in them where clients can view, buy and sell art. Goods sold in them are not subject to value added tax. No withholding tax is collected on capital gains, though sellers may need to report to the tax authority in their country."
www.ft.com/content/a91a1608-d887-11e4-8a23-00144feab7de
It just goes to show that the mega wealthy still have ways of avoiding tax and that the art sales prices reflect this loophole. What's the loophole your referring to? It used to be that one could pay for an expensive painting sold via Sotheby's etc with a suitcase full of cash , no questions asked. I guess nowadays one can pay millions from some offshore account using some proxy buyer. Panama Papers show how the very rich use art to get richer fusion.tv/story/288515/panama-papers-leak-art-market/"Freeports have become a one-stop shop. Galleries and art lenders have offices in them where clients can view, buy and sell art. Goods sold in them are not subject to value added tax. No withholding tax is collected on capital gains, though sellers may need to report to the tax authority in their country."www.ft.com/content/a91a1608-d887-11e4-8a23-00144feab7de |
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