chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
This is associated with my other post.
I am POA for my parent.
I am selling some collectibles for her. Things collected over about 40 years.
I have been assuming that the sale of personal property like that would represent a capital gain. Is that true?
There will be a substantial gain because of the time. The problem is that they had few records for what they originally paid for the items.
How can I handle the basis? Any thoughts or experience in matters like this that you can share.
I was thinking of contacting the IRS for guidance. Can I safely assume a % of the sale amount was the original purchase price on average?
I am POA for my parent.
I am selling some collectibles for her. Things collected over about 40 years.
I have been assuming that the sale of personal property like that would represent a capital gain. Is that true?
There will be a substantial gain because of the time. The problem is that they had few records for what they originally paid for the items.
How can I handle the basis? Any thoughts or experience in matters like this that you can share.
I was thinking of contacting the IRS for guidance. Can I safely assume a % of the sale amount was the original purchase price on average?