Trusts and Estates > Estate Planning > Transferring Art When No Charity Is Involved

Transferring Art When No Charity Is Involved

Aug 1, 2008 12:00 PM, By Paul R. Comeau & Alexander M. Popovich

By: By Paul R. Comeau & Alexander M. Popovich

Taxes are never fun but unexpected taxes are especially annoying. If a Florida resident sells a painting through a worldwide auction house, which holds the auction in New York, does he need to pay New York income taxes? If a New Hampshire resident lends a painting to a New York museum, does she have to pay New York taxes?

In both cases, the answer is … “Maybe.”

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