Cost basis - Warning tax related topic

[raulus]

Originally Posted by insidethewrapper

I have a set of baseball cards from 1962 ( 62 Topps) which was given to me as a birthday present in 1962. If I sell now , is my basis $ 0 ??? I never paid anything for them and they probably cost less than $20 back then.

Gifts use carryover basis.

So whoever gave them to you probably had purchased them once upon a time. Their basis then transfers to you when they give you the gift.

Therefore, you're probably right that the basis is probably very low, because it's hard to imagine that the person who gave them to you spent very much on the items to begin with.