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InformationForYou
InformationForYou, Attorney
Category: Legal
Satisfied Customers: 1956
Experience:  18 yrs trial attorney, professor of criminal law and ethics
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If I sell an antique through Sothebys, Bonhams, etc., what

Customer Question

If I sell an antique through Sotheby's, Bonhams, etc., what is the percent do I have to pay the IRS?
Submitted: 5 years ago.
Category: Legal
Expert:  InformationForYou replied 5 years ago.

InformationForYou :

The income is reportable minus any deductible expense.

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JACUSTOMER-k8ecl0lo- :

I had a painting (19th century) or an antique Chinese vase I sold through Sotheby's auction house for "lets say" $20,000. Is there a special fee I have to pay for antiques or its the same as normal income?

JACUSTOMER-k8ecl0lo- :

My husband was just notified, by our bookkeeper, that the rate of taxes is 38% for antiques above net profit. That seems very excessive. Last year we paid 15%.

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