| 1031Advisor | December 2008 |
Season's Greetings!
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Is Your Artwork Counterfeit or Genuine? Genuine, Authenticated Artwork can be worth a fortune. The same Artwork that is later declared a forgery can see its value plummet. How do you know if the artwork is genuine? Once you have decided to acquire a particular Artwork, confirm that what is being said about the object is true. Authenticating often consists of verifying the identity of a particular object.
While the above-mentioned tools are helpful, there is no current guarantee as to authenticity of the Artwork. However, when an Art Collector decides to sell his or her Artwork and defer taxation through a Section 1031 Art Exchange, Strategic Property Exchanges offers an iron-clad service guarantee to protect our Customers from Errors, Mistakes, Penalties and Interest on the Tax deferred Exchange of Artwork. We prepare your tax forms, provide a Tax Opinion and guide your staff and Advisors through the entire process from start to finish. A “Section 1031 Exchange” can defer the estimated 35% to 40% gains tax imposed on the sale of these items. These types of assets include lithographs, oil paintings, watercolors, sculptures or other graphic forms of art, precious metal coins and the like. We know that Section 1031 Exchanges are complicated. We know it is easy to make mistakes and have to pay penalties and interest as well as taxes on a botched Exchange. Let us Minimize your Taxes and Maximize your Cash.
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