Quote:
Originally Posted by swarmee
Check with a certified tax advisor, but I thought collectibles, once inherited, gain the current value as the cost basis for the inheritor.
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Normally yes, but not always so straightforward:
Does the couple live in a community property state?
How are the assets/cards shown as owned, just by the husband, just by the wife, jointly, something other than a 50/50 split?
Were the assets/cards all acquired before the couple was married, after the couple was married, part before and part after?
Were the assets/cards part of a collection/investment, or were they part of a dealer inventory?
Were the assets/cards in a trust, and if so, what type of a trust?
Does the state the couple live in have their own state inheritance tax?
And so on......................
As noted above, check with a certified tax advisor in the state you live in. And as another poster noted, there is still a possible change to the estate tax laws that might be getting passed by the current administration, and no one yet knows how that may finally change/effect current federal estate tax laws.