eBay 1099 issues - Net54baseball.com Forums

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#26

10-19-2023, 06:59 PM

raulus

Nicol0 Pin.oli

Join Date: May 2022

Posts: 2,985

Quote:

Originally Posted by Peter_Spaeth

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.

Assuming they were inherited, and not gifted, then you’re right. If they were gifted, then no step up.

Sometimes grandma will start giving stuff away while she’s still around, which is fine from a sentimental perspective but delivers inferior tax results.

__________________
Trying to wrap up my master mays set, with just a few left:

1968 American Oil left side
1971 Bazooka numbered complete panel

Last edited by raulus; 10-19-2023 at 07:07 PM.

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