Quote:
Originally Posted by Eric72
I didn't read the story; this may have been covered there.
For her sake, I hope the lady inherited those cards at a stepped-up cost basis. Otherwise, she might be looking at a significant tax bill. Trading away a couple cards and receiving a Corvette is a taxable event, if I'm not mistaken.
That reminds me...I haven't seen Bob post in a while. I hope he's OK.
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Looks like the cards were from her husband's collection who died at least 9 years ago. I don't know if obtaining them that way changes the cost basis or not, but either way, there would appear to be some tax due on the sale of the cards.
The story doesn't really surprise me. It wasn't really her collection but came from her late husband. I doubt my wife would keep my cards around unless one of my kids decided they wanted them (which so far none have interest in).