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#7
08-13-2022, 02:16 PM
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AFAIK (not a lawyer or accountant)
If you inherited this year and sold this year, then the your cost basis would be equal (effectively) to your sale value, and you would not show a profit and therefore wouldn't owe tax. If you inherited 10 years ago when a T206 Ty Cobb was $500 and sold it now for $10,000, you would owe tax on a profit of $9,500.
__________________
-- PWCC: The Fish Stinks From the Head PSA: Regularly Get Cheated BGS: Can't detect trimming on modern SGC: Closed auto authentication business JSA: Approved same T206 Autos before SGC Oh, what a difference a year makes. 
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