Submitted By: someone
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

Amended return

On Form 1040X, you may file an amended return within a three-year period to claim a refund or correct a mistake made on an original or previously amended return.

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