JohnB5677
Expert Alumni

Deductions & credits

There are several issues here. 

 

Your mother is the recipient of your Dad's estate, plus she originally owned half of it.  To calculate the basis of the antique toys you should take 1/2 of the value at your Dad's passing, and add it to 1/2 of the original purchase price.

 

Collectibles are considered alternative investments by the IRS and include things like cards & comics, rare items, antiques, and so on. If collectibles are sold at a gain, you will be subject to a long-term capital gains tax rate of up to 28%.

 

You will still have to post this to your tax return.  You will separate the items you had a profit on from those with losses.

You will only post the ones with a profit. (Be sure to keep that record as documentation)

 

Go to Wages & Income

  1. Scroll to Investments and Savings

  2. Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other (1099-B)

  3. Time to kick off your investments! = Okay

  4. Time to kick off your investments! = Continue

  5. Let's import your tax info = Enter a different way

  6. There are five boxes available

    1. Interest

    2. Dividends

    3. Stocks, Bonds, Mutual Funds

    4. Cryptocurrency

    5. Other

You will select Other

 

 

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