Wealth Planning>Estate Planning

Transferring Art When No Charity Is Involved

Taxes are never fun but unexpected taxes are especially annoying. If a Florida resident sells a painting through a worldwide auction house, which holds the auction in New York, does he need to pay New York income taxes? If a New Hampshire resident lends a painting to a New York museum, does she have to pay New York taxes? In both cases, the answer is How is this possible? How could New York or any

Paul R. Comeau, Alexander M. Popovich | Aug 01, 2008

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Taxes are never fun but unexpected taxes are especially annoying. If a Florida resident sells a painting through a worldwide auction house, which holds the auction in New York, does he need to pay New York income taxes? If a New Hampshire resident lends a painting to a New York museum, does she have to pay New York taxes?

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