Collection Inventory Software

ALR-bishop · #1 11-14-2021, 10:35 AM

I leave the software to someone else, but think it wise to have a contact for her of someone in the hobby you trust to help her out in the event of a sudden moving on. And any inventory/records you have should include the cost basis of the collection as well as the value

swarmee · #2 11-14-2021, 10:49 AM

Quote:

Originally Posted by ALR-bishop

I leave the software to someone else, but think it wise to have a contact for her of someone in the hobby you trust to help her out in the event of a sudden moving on. And any inventory/records you have should include the cost basis of the collection as well as the value

Check with a certified tax advisor, but I thought collectibles, once inherited, gain the current value as the cost basis for the inheritor.

Gorditadogg · #3 11-14-2021, 11:00 AM

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.

That is the current law but it could change.

As far as software, I put my graded cards in the PSA Registry software. The cards automatically link now to their auction report values. For ungraded, I use an Excel spreadsheet.

I get most of my cards on ebay or other sites like Battersbox and COMC that have good scans of the cards, so when I buy them I copy those pics to a folder.

Ebay and COMC also let you download a historical purchase file that you can convert to Excel.

BobC · #4 11-14-2021, 05:00 PM

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.

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.

kimo75 · #5 11-14-2021, 06:12 PM

I was really just looking for advice on a software to catalog and document the collection. Not overly concerned with tax implications.

BobC · #6 11-14-2021, 09:33 PM

Quote:

Originally Posted by kimo75

I was really just looking for advice on a software to catalog and document the collection. Not overly concerned with tax implications.

Was really answering the other poster's question, sorry.

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