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Can an appraisal fee for an investment art collection be deducted if the art is neither being donated or stolen?
Done for insurance purposes only.
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Can an appraisal fee for an investment art collection be deducted if the art is neither being donated or stolen?
Here is the exact IRS wording:
You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property.
https://www.irs.gov/publications/p17/ch28.html
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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Can an appraisal fee for an investment art collection be deducted if the art is neither being donated or stolen?
Here is the exact IRS wording:
You can deduct appraisal fees if you pay them to figure a casualty loss or the fair market value of donated property.
https://www.irs.gov/publications/p17/ch28.html
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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