Art collectors may have a “once-in-a-generation opportunity” to invest capital gains in economically depressed areas around the country, reported Bloomber, sourcing Cresset Partners, an adviser to wealthy families.
The government has designated more than 8,000 areas as “qualified opportunity zones” and is offering tax breaks on investments held there.
Rolling their capital gains into an opportunity-zone fund would allow art investors to defer paying taxes and reduce them by as much as 15%, if held for more than seven years. The investment wouldn’t be taxed on future capital gains if held for 10 years.
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