Selling a card you inherited - Income tax

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#19

08-14-2022, 08:32 AM

Fred

Member

Join Date: May 2009

Posts: 3,252

Quote:

Originally Posted by Rhotchkiss

No tax. At death, the basis becomes fair market value. If you then sell it for fair market value, no tax. But make sure you can prove that at death it was worth what you sold it for

So, this is kind of like stock. The price of the stock is set to the value when the person dies and the person that inherits it has to claim gains based on that amount. Is that right?

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