Guides
Short, sourced answers to the questions readers ask most often about the taxation of luxury assets.
The main parts of this reference are organized by asset, jurisdiction, structure and tax. The guides below answer narrower practical questions directly, and link back to the full entries.
- What Is a Luxury Tax? — The 1990 US luxury excise on yachts, aircraft, cars, jewelry and furs, why it was repealed, and the luxury taxes in force in Canada, Australia, the UK and Italy.
- Yacht Taxes in the US: FAQ — Sales-tax caps in Florida, New York and New Jersey, deducting a yacht, property tax and basis, and reporting a sale.
- Taxes When You Sell a Luxury Watch — Capital gain, the 28% collectibles question, nondeductible losses, Form 1099-K and sales tax.
- Form 709 Statute of Limitations — The three-year period, adequate disclosure, unfiled returns and the §2035 three-year rules.
- Is a Family Office a Legal or Tax Designation? — The SEC family office rule, entity choice, and §162 deductibility after Lender Management.
- Moving Art Across EU Borders: VAT — Which country’s VAT applies when art is moved or sold between EU member states.
Updated October 2026