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V3112-17 ·30 November 2017 ·consulta-vinculante Medium impact
Tax

Certification of an artwork's falsity does not, in itself, constitute a capital loss

A taxpayer inquired whether a certification stating that an acquired artwork is counterfeit constitutes a capital loss. The DGT ruled that there is no change in the composition of the taxpayer's assets because the painting still belongs to them, even if its value has changed.

In 4 key points

How it affects those involved

This ruling clarifies that a reduction in the value of an asset due to its proven lack of authenticity does not trigger a capital loss for tax purposes, as the asset remains part of the taxpayer's holdings.

Lifecycle

2017-11-30PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

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This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
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