Just saw a tiktok saying that art investment tax loopholes are very easy and common.
I don’t understand how it can benefit the rich people doing it though.
Say they buy a painting at 10,000£, then donate it to charity a year later. They are now down 10k and also don’t have a painting. How does declaring that as a charitable donation change anything?
In: 88
In addition to the appraisal loophole, you can also loan art to a museum for free and write off the “fair value“ of the loan. This is an extremely common and lucrative method for people with large collections or art held for investment.
apparently “renting” a significant piece of art is expensive.
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