Sales tax question

[AngryAmish]

I just read David geffen sold a painting for $140 million. Fine. Does he have to pay sales tax where the deal was struck? Where the transfer takes place? Does state and local sales tax apply to private transactions, even ones of this magnitude? Can the formal transfer take place on an airplane over international waters (like Boeing does) to avoid local and state sales taxes? I suppose he has to pay capital gain on it no matter where the sale took place.

Any tax gurus out there that can answer me?

[Midlodemocrat]

1. I don't think so. And, I wonder about the capital gain as well.

If I sold something of mine that had markedly appreciated in value, do I have to pay capital gains tax? Except of course, for my house.

[AngryAmish]

2. You do have to pay capital gains on it.

Including your house (with certain exceptions).

[Midlodemocrat]

3. I know that about my house because the purchase price and the

subsequent re-sale price are of public record.

My musing was more related to whether or not I had to pay capital gains if I decided to sell some jewelry or other things I have, such as coins, or art or even furniture.

I have some pieces that have appreciated a bunch and I might be inclined to sell them someday.