How does the Historic Monuments scheme work for the purchase of works of art?
The Historic Monuments regime in France mainly concerns the protection and restoration of real estate classified or registered as Historic Monuments. However, it can also apply to works of art present in these properties. Here is how the Historic Monuments regime works when buying works of art:
- Acquisition of a work of art:
When you buy a work of art and place it in property classified or listed as a Historic Monument, you can benefit from certain tax provisions. - Deduction of expenses:
Expenses related to the acquisition, restoration, maintenance and conservation of the work of art can be deducted from your taxable income. These charges are considered as property charges and are deductible according to the rules applicable to classified or listed property. - Deduction methods:
Expenses incurred for the work of art are deductible up to 100% of their actual amount. However, the ceilings and specific rules applicable to the Historic Monuments regime should be respected. - Lock-up commitment:
To benefit from the tax deduction, you must undertake to keep the work of art in the classified or registered property for a fixed period, generally 15 years. If you do not respect this commitment, you will have to repay the tax deductions obtained.
It is important to note that the Historic Monuments regime is subject to strict conditions and specific procedures. It is recommended to inquire with the competent tax services, a specialized notary or a heritage expert to obtain precise and up-to-date information on the tax advantages linked to the purchase of works of art within the framework of of the Historic Monuments system in France.
Sources:
© Maria Susarenko
Jean Dubreil