Quote:
Originally Posted by Jacklitsch
It seems to me, notwithstanding Calvin's comment, that if you "inherit something you inherit it with a valuation as of the date of death or six months thereafter. This is called a "stepped-up basis"
Then if you sell it, assuming you sell for the value so determined above, you incur no taxable event.
I could be wrong but then I've never stayed at a Holiday Inn Express.
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Steve,
I "think" your statement is correct (I'm not a tax guy either, however.) But your scenario brings in another point to consider. I would guess that most people don't officially "inherit" baseball card collections. I bet most go through from generation to generation, without the close scrutiny of any kind of probate. I realize it's rare (non-existant in 2010) but there may be a liability due even at that point. Since they aren't officially valued as part of an estate, assigning a value after the fact is dicey.