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Sales of Gifts and Inherited Property
What you need to know
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| September 12, 2006
I answered a question posed in the
eBay
Auction Listings forum. Basically, the question concerned how to
value personal property given to the eBayer. Here's an excerpt.
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...I strongly recommend that you contact a
certified appraiser. You need to establish property basis for income tax
purposes, and you need to do that BEFORE you dispose of the property.
Your valuations must withstand IRS scrutiny, and a certified appraisal
will do the trick.
The way you phrased your question leads me to believe you received the
property as a gift. If that's the case, I refer you to http://www.irs.gov/faqs/faq-kw77.html.
If, on the other hand, you received this property via inheritance, I
refer you to http://www.irs.gov/faqs/faq4-7.html.
In either case, you need to consult a paid, professional tax consultant
-- a tax accountant, tax attorney, or an enrolled agent (and please note
this is NOT the same as a paid tax preparer; they have their place, but
this is a special area and they may not be appropriate for this
situation). Do it BEFORE you sell any of this property so that you have
all your income tax ducks in a row.
Good luck.
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