- Membership
- Certification
- Events
- Community
- About
- Help
Tax Reporting for Loan Fees on Artwork from Foreign Vendor
March 24, 2025
Q. We have an agreement with a vendor from Denmark to loan us their artwork (sculpture) for public display on our lawn for a specific monthly timeframe. We paid the vendor a “loan fee” of $4,000 and will pay an additional $1,000 at the end of the loan period when the artwork is returned. The artist never came to the U.S.; the art was shipped to us. The vendor provided a W8-BEN with a Foreign TIN (FTIN) but did not provide a U.S. Tax Identification Number (TIN). They are claiming a tax treaty…
Become A Member
Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!
Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know.
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.
What are you waiting for?
