eBay 1099 issues

[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

[raulus]

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

Smarts, don’t it!

[Peter_Spaeth]

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

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.

[raulus]

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.

[Popcorn]

Yes she is still around but given months to live so technically they were “gifted”

This is an abomination imo, do not accept family collections until after a person has passed in America now.

[Peter_Spaeth]

Originally Posted by raulus

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.

He said inherited, but I see now they were in fact gifted, so yeah.