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by toast0
3055 days ago
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In the US, individual A would owe taxes on a $90,000 capital gain. Certainly, private sales aren't subject to any mandatory, automatic reporting; but the tax is still due. This could actually be useful for money laundering -- this $90k gain is clean money, if reported correctly; so maybe buy the art with a mix of dirty and clean money, then claim only the clean money as cost basis. |
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