With the lifetime gift tax exemption scheduled to drop from $5 million to $1 million on Jan. 1, 2013, collectors are scuffling to pass on as much tax-free wealth as possible to their children and heirs. But be careful. When it comes to gifting collections, both collectors and appraisers need to move cautiously.
Wayne Jordan says to avoid overpaying or underpaying your taxes, you need to control and track your antiques shop inventory. Since the IRS doesn’t accept Victorian rockers or Depression glass as payment for tax bills, here’s a look at how inventory and taxes are related.