Quote:
Originally Posted by Prof
Hypothetically, do you know what the process would be like here?
- A person dies, and an old photo album gets distributed to a relative. Basically, "Hey, we're cleaning out the house. You want this?"
- Nobody searches through it for 10 years.
- Finally, they look through it, and find a T206 Doyle error card glued to a page.
- They consign and sell the card for 1 million.
Is there like a retroactive appraisal assessment for when the person received the album 10 years ago? Then, you subtract that 10-year-old value from the 1 million, and that's what you pay the gains on?
Or are you just paying on the 1 million since it was never appraised at the time?
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And what about if the item was truly unique to the hobby with no past market value?
If there was a retroactive appraisal, would they just pull an educated estimate out of their butts that was smaller than the present day value from selling it?
(Sorry if this is derailing the thread a bit.)
Back on topic, Wagners are cool. I wish I had one.
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If this is your situation, it’s time to hire a CPA who does this stuff every day. Most of these exciting fact patterns boil down to facts and circumstances and trying to document stuff. And even then, there’s going to be a lot of gray area, so it will come down to a question of how much you want to play in the gray area.