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Level 2
December 29, 2022
Question

Selling Old Toys on Ebay

  • December 29, 2022
  • 2 replies
  • 19 views

If I sold old toys (like GI Joes) that were gifted to me a long time ago (for birthdays and holidays) for a profit would I use the cost basis (retail price back in the 1980s) or would I use the fair market value of the item to determine my gains? 

2 replies

Mike9241
Level 15
Level 15
December 29, 2022

lower of donor's basis or fair market value on date of gift.

 

Mike9241
fanfare
Level 15
December 29, 2022

the fair market value now is whatever you can get for it.

If you adjust your cost for inflation you probably have a loss (but IRS doesn't let you do that).