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March 25, 2023
Question

Sale of Antique Music Box at a loss

  • March 25, 2023
  • 1 reply
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We sold an antique music box at auction which we purchased 13 years ago.  It sold for a loss more than $5000.  As a collectible, is this also considered personal use?  Do I need to make the less common adjustment that the sale from this loss is not-deductible?

1 reply

March 25, 2023

Was there personal use?  Did you have it on display or use the box?

 

Or did you merely store it somewhere (no use) in anticipation of the value increasing?

 

Whichever it is, that should be your answer.