Tax Tip of the Week | No. 345 | IRS Auctions Rock & Roll Memorabilia

Tax Tip of the Week | March 9, 2016 | No. 345 | IRS Auctions Rock & Roll Memorabilia

Here is a press release you don’t see often from the IRS…….The Internal Revenue Service conducted a massive public auction in Overland Park, Kansas, on February 25, 2016 of a mind-blowing set of rock & roll memorabilia, including autographed records from Jimi Hendrix and Led Zeppelin, a 10-piece drum set from Anthrax, an autographed guitar from Joe Walsh of the Eagles, Nirvana items, a guitar from Nikki Sixx of Motley Crue, and Stevie Ray Vaughn’s shoes.The property comes from an unidentified collector who clearly fell considerably behind on his or her tax payments.One nonmusical item in the lot is the jacket worn by actor Brandon Lee, the son of Bruce Lee, during the filming of “The Crow,” the 1993 movie where he was killed by an accidental gunshot wound.Also in the mix is Ozzie Osbourne’s guitar, even though, as NBC News pointed out, Osbourne doesn’t play guitar. There’s also a pair of snakeskin platform boots once worn by KISS singer Gene Simmons, and another pair of silver boots that used to belong to KISS guitarist Ace Frehley. Other items include a pair of jeans worn by Lita Ford of the Runaways, a Madonna print, and “No More Censorship” artwork once owned by Jello Biafra of the Dead Kennedys. There's also a framed record and photos of the Clash and their song "Clash City Rockers," an autographed copy of the Cure's "Fascination Street," plus a guitar from a member of the Sex Pistols alongside their classic album "Never Mind the Bollocks. Here's the Sex Pistols."The IRS has set a starting bid for the entire lot of $15,495, but the actual closing price is likely to go considerably further in filling the IRS’s budget gap.For more information on the auction, click here.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.Rick Prewitt – the guy behind TTW...until next week.