iNVEST IN ART
Tax Benefits from Investing in Art
Capital Allowance for art
Wear & Tear – Legislation S284 TCA 1997 states:
A trader who incurs capital expenditure on machinery or plant is entitled to a wear and tear allowance if the asset is in use for the purpose of his trade at the end of the basic period for the tax year.
Your accountant should be consulted with regard to all intended art related investments and where deemed necessary be approved by the Revenue Commissioners.