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Collectibles and Art in Estate Planning

Collectibles, Art and Estate Planning What is a collectible? According to the IRS, the definition of collectibles generally includes works of art, rugs, antiques, any metal or gem, any stamp or coin, valuable alcoholic beverages or any other tangible personal property that the IRS determines is a “collectible” under IRC Section 408(m), subject to exceptions. There are two common ways to distribute collectible personal property: leave the assets to your heirs or donate them to a charitable organization. Either way, special tax and estate laws will apply. Ignoring these laws can result in unnecessarily high capital gains taxes to your heirs, income or estate tax penalties, or depreciation

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