Reporting sales of large $$ items - Net54baseball.com Forums

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#13

11-15-2021, 11:56 AM

dacubfan

Member

Join Date: Feb 2010

Location: Arizona

Posts: 871

How many of us actually have documentation proof of what we paid for even some of the items in our collection? Therefore taxes will be due on the entire sale amount. I had planned to liquidate much of my collection while alive but am now rethinking that idea due to the tax implications. Instead upon my death my sons will receive a stepped up basis when they sell with little tax due unless they hold the items for another 20 years. Any thoughts on this approach? I've heard rumors of the stepped up basis being eliminated. Wouldn't doubt it.

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