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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
Installment sale
A sale of property that allows for tax deferment if at least one payment is received after the end of the tax year in which the sale occurs. The installment method does not apply to year-end sales of publicly traded securities. Dealers may not use the installment method. Investors with very large installment balances could face a special tax.
