Collection Inventory Software

[BobC]

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]

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

[BobC]

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.