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Submitted By: someone
Answered: May 30, 2018 11:42 pm
Answered: May 30, 2018 11:42 pm
I inherited a piece of art that I sold through a gallery. Can I deduct the gallery’s commission?
The commission paid to the gallery is a selling expense that reduces the sales proceeds reported for the transaction. Thus, the commission effectively reduces the amount of gain (or increases the amount of loss) for the sale.
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
