Quote:
Originally Posted by Casey2296
"Is there like a retroactive appraisal assessment for when the person received the album 10 years ago? Then, you subtract that 10-year-old value from the 1 million, and that's what you pay the gains on?"
I believe this is correct, although I'm not a trust/estate attorney I did stay at a Holiday in Express last night...
|
Right, the question is the step up basis at time of transfer, and where there is no contemporaneous appraisal or documentation, one would need to do a good faith estimate based on whatever information is reasonably available.
__________________
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/
He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.