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  Federal taxes, space memorabilia and cost basis

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Author Topic:   Federal taxes, space memorabilia and cost basis
drifting to the right

Posts: 63
Registered: Aug 2006

posted 08-22-2013 06:48 PM     Click Here to See the Profile for drifting to the right     Edit/Delete Message   Reply w/Quote
It seems that based on current federal tax law a high-end space collection that has substantially appreciated in value might best be kept intact and passed to heirs upon death of the collector and spouse. The reasoning is that the collection cost basis is reset at its higher value at the time of transfer to the heirs, and upon subsequent sale the taxable capital gain would be considerably less.

As an interesting aside, the astronauts must take it on the chin from Mr. Taxman, as when they sell items their cost basis is technically zero (although they risked their lives!).

Your opinions would be appreciated.

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