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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
Lump-sum distribution
Payments within one tax year of the entire amount due to a participant in a qualified retirement plan. Qualifying lump sums may be directly rolled over tax free, or, in some cases, are eligible for current tax under a favorable averaging method.
