I have two oil painting that a art gallerie is going to sell for me. when they are sold and i get the money for them will Ihave to pay taxes on the money i get for the painting . if I do what will be the percent i would have to pay?Will I have to pay taxes on oil painting that our sold ?
you have to pay an income tax on the difference between the fair market value of the painting at the time of her death, if given to you in a will, and the purchase price. It is added to your income and you pay taxes on it the same as if it was earned from work so it depends what tax bracket you are in.Will I have to pay taxes on oil painting that our sold ?
If the paintings sell for more than you paid for them, then you will have to pay federal and state income tax on the profit. Because the property is in California, you have nexus in California, and California will be entitled to a share of that profit.
Additionally, you will be liable for sales or use tax on the transfers, which the gallery might collect and remit on your behalf.
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