If you have possessions that are ready for a new home, or past their use by date, the Venice area has lots of options.  We have consignment shops, thrift shops, charities such as Habitat for Humanity, and a customer-oriented trash collector who will remove large items placed next to your garbage can.  That’s fine for most things, but what about those rare items such as paintings or antiques that have actually appreciated in value?

If you follow what seem to be very generous IRS rules, you may be able to get a tax deduction for the full appraised value of those items, even if you paid less than that when you acquired them. Best of all, you would not be subject to capital gains tax on the increase in value. There is a wide range of property that could possibly qualify, such as:

·      Real Estate

·      C-Corp and S-Corp Stock, Limited Partnerships or LLCs

·      Restricted Stock

·      Tangible Personal Property – Art/Collectibles

·      Patents

·      Sports Teams 

opens in a new windowLearn more here.

– Alan E. Gorlick, CEO, Gorlick Financial Strategies

Contact Biz Tip contributor, Alan E. Gorlick 

 

Updated Lobby HoursLobby Hours are 10:00 AM - 2:00 PM

Our lobby hours for the remainder of 2020 or until further notice is from 10:00 AM - 2:00 PM. If you need assistance outside of that time, please call us at 941-488-2236 or email: vchamber@venicechamber.com

Thank you for your continued support of the Venice Area Chamber of Commerce, and we look forward to seeing you soon!