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How to Protect Art Collections from Gift and Estate Tax Exposure by Lewis Kevelson, CPA

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Posted on October 03, 2023 by Lewis Kevelson

According to a recent study by Art Basel and UBS, global art sales in 2022 exceeded pre-pandemic levels, reaching $67.8 billion in transactions. Buyers, ranging from high-end collectors to Gen Xers and Millennials, increasingly recognize art’s value as an alternative investment in a fragile economic and geopolitical environment. However, as buyers grow their collections, they […]

Navigating Estate Basis Consistency Reporting Requirements for Inherited Property

Posted on May 30, 2023

Whether you are the executor of a decedent’s estate or a beneficiary named to receive the assets of a person who has passed away, it is critical you understand your responsibility to report the tax basis of inherited property consistently with the fair market value on the date of death. Failure to do so can […]