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PaperclipPerfector  1yr ago (text post)   5546 thread views

Small-Scale Question Sunday for September 24, 2023

Do you have a dumb question that you're kind of embarrassed to ask in the main thread? Is there something you're just not sure about?

This is your opportunity to ask questions. No question too simple or too silly.

Culture war topics are accepted, and proposals for a better intro post are appreciated.

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I think this only works because those involved have enough prestige to make it look legit. They can find somebody with letters after their name to back up their claims to artistic integrity. They have friends at museums with respectable names. They have money and by implication lawyers standing behind them.

IRS auditors are required to refer all gifts of art valued at $20,000 or more to the IRS Art Advisory Panel. The panel’s findings are the IRS’s official position on the art’s value, so it’s critical to provide a solid appraisal to support your valuation.

Can you bamboozle the government artist auditors? That's the real test.

IRS auditors are required to refer all gifts of art valued at $20,000 or more to the IRS Art Advisory Panel. The panel’s findings are the IRS’s official position on the art’s value, so it’s critical to provide a solid appraisal to support your valuation.

Interesting, I wonder what the guidelines are for art valued below $20,000. It's really easy for crypto to find loopholes and bust them open; it would be child's play to just create 100 pieces valued at $15,000 or something rather than one piece valued at $1.5M. The whole point is to put this loophole into the Common Man's hands anyways, so a $15,000 tax writeoff is reasonably close to the sweet spot.

I think this only works because those involved have enough prestige to make it look legit. They can find somebody with letters after their name to back up their claims to artistic integrity. They have friends at museums with respectable names. They have money and by implication lawyers standing behind them.

I absolutely agree, but that at least sounds like a somewhat tractable problem. There are some legit museums displaying NFTs, and some other legit museums minting NFTs from their artwork. If legit museums can display NFTs then presumably there is at least a little wiggle room there.

I am rooting for you...but suspect that Uncle Sam is going to be very much not amused and that this stunt could potentially land you in prison. Good luck. Consult a tax lawyer first - the very best you can find.

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