Mr. Lodge

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About Mr. Lodge

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    Collector is an understatement.

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  1. Not a tax attorney and not sure about Canada, but I think there would be no US capital gains tax on a decedent’s final income tax return as there was no sale. if FV of total estate assets does not exceed the approx 11M exemption amount, there would also be no estate tax. All inherited property (including collectibles) would get a stepped up basis (to FV) for the beneficiaries such that those collectibles could then be sold and only taxed on subsequent appreciation. Not sure about how various state tax treatment could differ.
  2. This is a thought provoking thread and I appreciate all the comprehensive views, expressed rationales, and Kav admonitions. Sorry if already addressed but would a reasonable seller-disclosed return period play into any seller responsibility for unknown (to seller) damage hidden within a slab? If an X-Men #1 isn’t actually an X-Men #1 by virtue of 2 missing pages, it would seem that such a factual discovery should be knowable upon receipt and inspection. Further, it would seem that after some period of time buyer acceptance should be deemed to occur (whether or not book is cracked out) a