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AbrahamT · ‎February 6, 2023

The same rule would apply a if it were gifted property that is sold. The reason being is that the family member technically gifted to you the property by allowing you to keep the profit from the sale of these gifts. The long term capital gain tax rate would go in effect from the date that the original owner purchaed these items. Collectibles have the same capital gain rules. The long term capital gains rate will depend on your income threshold and filing status as follows:

Single

Up to $41,675 0%

$41,676 – $459,750 15%

Over $459,750 20%

Married filing jointly

Up to $83,350 0%

$83,351 – $517,200 15%

Over $517,200 20%

Married filing separately

Up to $41,675 0%

$41,676 – $258,600 15%

Over $258,600 20%

Head of household

Up to $55,800 0%

$55,801 – $488,500 15%

Over $488,500 20%

As per

https://www.irs.gov/publications/p551#en_US_202212_publink1000257002

See this

[EDIT 1/25/2023 11:00 AM PST]

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