[Fred]

Hey, this is probably what's going to happen to most of the collections that families don't want.

Here's my thought. If she sold the cards, then I'm wondering how the cost basis was determined. Technically, isn't there supposed to be taxes on difference of cost basis when sold? If the card was "inherited", then wouldn't the cost basis be based on the value of the card at the time of death of her husband (assuming she inherited it)? Or is it community property which can then be taxed on the cost basis when the husband purchased the card? If we go with that, then if the husband purchased the card for $20K, wouldn't she be on the hook for $60K of gains?

All in all, I guess it's a reason to put something together if your family has no interest in cardboard so that they don't plan on how to liquidate the cardboard when we kick the bucket.

Any ideas on what to include in the instructions for the death of a collector? For larger collections worth $$$ would it be a good idea to have a document that establishes the cost basis? If so, how does someone prove that? Any tax people out there with any input on this?