Intrigued - selling art I inherited & have some questions?

General art-related discussion.

Postby Shredbaggage on Thu Jun 21, 2018 5:52 am

Hi :)

I'm going to be selling off furnishing bits and bobs from my grandparents house in the next couple weeks as I am selling the house after they passed away and I inherited it. I was wondering - will I incur any tax on selling the paintings? I'm having someone come and look at them so I know I exactly what they are and what they're worth, but I was wondering if I got them auctioned off, would I pay some form of tax on it? Inheritance, income, or something like that. I've taken a look at this [url=https://www.after-tax.co.uk/]tax calculator/url] to find out what I would pay if it was income, and with my tax band it gets a bit silly.

Anyway, I'd love to hear what you think & advice would be greatly appreciated.

Cheers :)
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Postby relentlesskevin on Thu Jun 21, 2018 3:57 pm

Selling off property that is inherited to you will leave you paying the capital gains. The rates range based off your income, so you may want to find yourself a good accountant. There is also ways you can avoid that by doing a 1031 exchange. But there are fees and rules you need to fallow and special abstract is needed. If you don't need to the sell the house, you could always rent it out and create a side business that you could later hand down or exchange for a vacation home for yourself. As for the art, it maybe hard to avoid the capital gains unless it's under a certain amount. Goverenment will want their share...
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Postby Cragars on Thu Jun 21, 2018 6:55 pm

You keeping any of it tho?
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Postby bubbie on Thu Jun 21, 2018 7:42 pm

^ That's not what grandma and grandpa would have wanted.

P.S. Definitely not the right place to ask for advice on the matter.
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Postby jjttdw on Thu Jun 21, 2018 8:30 pm

Depends on the country. Based on URL you tried to post it looks like you are U.K.
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Postby Codeblue on Thu Jun 21, 2018 10:35 pm

P sure ya'll are getting spammed.
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Postby Jasonx on Sun Jun 24, 2018 12:17 pm

relentlesskevin wrote:Selling off property that is inherited to you will leave you paying the capital gains. The rates range based off your income, so you may want to find yourself a good accountant. There is also ways you can avoid that by doing a 1031 exchange. But there are fees and rules you need to fallow and special abstract is needed. If you don't need to the sell the house, you could always rent it out and create a side business that you could later hand down or exchange for a vacation home for yourself. As for the art, it maybe hard to avoid the capital gains unless it's under a certain amount. Goverenment will want their share...


In case anyone finds this in the future, the above post is almost entirely wrong. The best advice is that you should speak with your accountant. This comes from 15 years of working experience. I just don’t want anyone being led astray.
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