My client is going to sell a piece of furniture that is 60 years old that they use in their house on a daily basis. Online I found that the US Customs Service says an antique is something over 100 years old. If it is not considered an antique then I am thinking it is not a collectible for tax purposes. So maybe we report the gain as capital subject to 20% tax rather than the 28% tax. Any thoughts?
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Not a Collectible
I really don't think anyone would call a piece of furniture from Antigue would be a collectible; have you seen their furniture shops? Only kidding and I am messing with you for misspelling "antique".Originally posted by Kram BergGold View Post
It would be a hard sell for an auditor to call a piece of furniture, which gets daily use, a collectible. A collectible is usually something you invest in, in hopes of an appreciation of value; you wouldn't use a piece of furniture that you consider an antique.
I'll admit this area of tax law is gray and no one could give you a definitive answer (or maybe they can and I would be all ears). Oh, and is the piece of furniture covered by their insurance policy as an antique? (just thinking out loud)
I have heard of the 100 year rule. I have also seen that 50 years or older makes the furniture a "collectible". I hate poorly used definitions, just muddies the water.Circular 230 Disclosure:
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