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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
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
