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02-27-2006, 02:01 PM

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Collectibles Insurance Agency

Posted By: Frank Wakefield

Reckon a fellow who lists a small fortune in collectables in an insurance schedule might be leaving a trail of information about his assets, so that when he dies the tax man would be wondering why the collectables aren't listed in an inventory... if they were sold during his lifetime a tax should have been paid on the gain as income...

When were the collectables first scheduled (basis), when were they no longer listed (time of sale?), or if never sold, then the collectables must be an estate asset.

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