Rich art collectors donate art to avoid tax on capital gains and receive major tax deductions from their private collections. Even though your art collection at home may be small, you can still take advantage of the same tax planning strategies that major collectors use.

 

Key Takeaways:

[:56] The new toy capitalism’s winners are showing off that comes with some beautiful tax breaks: private art museums

[1:23] Rich art collectors donate art to avoid tax on capital gains.

[2:34] The private museum: Get your deduction and have control over your collection.

[3:10] Who sets up one of these private museums? Peter Brant Jr. and Mitchell Rales.

[4:00] We realize your art collection might not include more than the dogs playing poker, hiding in your basement rec room — but that doesn’t mean you can’t canvas the tax code for the same tax planning strategies that major collectors use to structure their private museums. Just call Financial Gravity for a plan and we’ll see if we can make beautiful art with your finances.

 

Mentioned in This Episode:

Financial Gravity