Quote:
Originally Posted by Popcorn
My daughter inherited some vintage dolls from my mom. She said keep one or two and sell the rest. The rest went for over 1k so she’s gonna get a 1099 for these things that we’re probably $1 in the 1960’s. A lot of folks like this not gonna be happy next April. I’m not a tax expert but wtf man
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She gets a stepped up basis so what they were worth in the 60s is irrelevant. Tax is owed only on any gain from when she inherited them.