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Q: capital gains tax rate on sale of art : federal and new york state tax ($15) ( Answered,   0 Comments )
Subject: capital gains tax rate on sale of art : federal and new york state tax ($15)
Category: Business and Money > Accounting
Asked by: svee-ga
List Price: $15.00
Posted: 27 Jul 2005 13:22 PDT
Expires: 26 Aug 2005 13:22 PDT
Question ID: 548634
i own a contemporary art work (a painting) for 2 years. then i sell
it. what rate of capital gains tax do i have to pay under federal tax
rules and what rate under new york state tax rules?
note: normally "longterm" capital gains on "capital assets" trigger
15% federal capital gains tax rate. but is "art" a "capital asset" for
purposes of the federal tax code? and what capital gains tax rate
applies in new york state on art sales
Subject: Re: capital gains tax rate on sale of art : federal and new york state tax ($15)
Answered By: richard-ga on 28 Jul 2005 09:14 PDT
Hello and thank you for your question.

Unfortunately the capital gains rate on "collectibles gain" is 28%.

New York taxes ordinary and capital gains income alike.
(line 7)

The maximum New York State rate is 7.7%
(page 30)

Your overall tax rate may be something less than the sum of 28% and
the NY rate, since there is a federal deduction for state income taxes
paid.  Whether you benefit from that deduction depends on whether you
benefit from itemizing deductions and whether you're subject to
alternative minimum tax.

Search terms used:
collectible capital -charitable
tax rate table

Thanks again for bringing us your question.

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