The best way to determine your basis in your old toys would be to look online and see what those items cost when you would have received them. Your basis as the receiver of a gift would be the same as your parents or whoever gave you the gift paid for it. For example, a pack of baseball cards sold for $.10 in 1972 according to Sports Collector Daily. If your mom paid $.10 for the pack of cards in 1972 and you just sold them for $1,500, your basis would be $.10 and your profit would be $1490.90.
You cannot use todays prices or an inflation calculator to determine the price as this would wipe out any gains for most antiques and collectibles. So you will need to do some research on historical pricing, maybe contact some "historians" on those types of items to determine what your basis in them would be.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
