How many of you have private insurance?

[143ksk]

For $60 a year? Damn right I would!

 

(thumbs u

 

 

 

-slym

 

Even if you don't sell your collection your heirs and your estate will have to deal with this issue. In other words, keep good records and collect with a plan!

 

'Mint'

 

The tax basis for inherited items is the value at the time of the testator's death. So, yes good records are great for knowing what you have (and your tax basis should you sell them), but what you paid for them is immaterial to your heirs' tax liability (if any).

[mintcollector]

For $60 a year? Damn right I would!

 

(thumbs u

 

 

 

-slym

 

Even if you don't sell your collection your heirs and your estate will have to deal with this issue. In other words, keep good records and collect with a plan!

 

'Mint'

 

The tax basis for inherited items is the value at the time of the testator's death. So, yes good records are great for knowing what you have (and your tax basis should you sell them), but what you paid for them is immaterial to your heirs' tax liability (if any).

 

With all due respect, if your heirs (and I mean this in general terms) know nothing about the value of antiques and collectibles and do not want to pay for an appraisal the purchase records are the second best thing. There have been many times where I have done appraisals from heirs only to ask if they had any original paperwork left with the item. It also serves to provide provenance. This is very important in the antiques world and while not as important in the collectibles world; if an heir finds paperwork showing that the original owner paid thousands for an item they are much more inclined to respect it.

[Sqeggs]

For $60 a year? Damn right I would!

 

(thumbs u

 

 

 

-slym

 

Even if you don't sell your collection your heirs and your estate will have to deal with this issue. In other words, keep good records and collect with a plan!

 

'Mint'

 

The tax basis for inherited items is the value at the time of the testator's death. So, yes good records are great for knowing what you have (and your tax basis should you sell them), but what you paid for them is immaterial to your heirs' tax liability (if any).

 

+1