Determining capital gains on antique cars when cost basis is unknown

[niteowl446]

I am in the process of liquidating my brother's antique cars, parts, tools, lawnmowers, snowblowers and household goods. This collection spans over 50 years and includes 17 cars that run. Because he is now in a memory care facility and did not keep paper records on anything, I have no idea what the cost basis of any of these cars would be or even the year that they were purchased although I do know that none of them were purchased new. All was sold during a liquidation sale...can I deduct the cost of the sale from whatever the gain is once I figure that out? Any help is appreciated. 

[Anonymous_]

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@niteowl446 wrote:

...can I deduct the cost of the sale from whatever the gain is once I figure that out?

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Yes, you can deduct your selling expenses from the sales price.

[niteowl446]

Thanks for the clarification on the selling expenses. Any advice you might have on how to determine the cost basis for the used antique cars bought  over the course of 50 years or so with no paper records would be appreciated. Because he almost always did cash transactions, bank records are not helpful.  Thanks!

[Anonymous_]

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@niteowl446 wrote:...Any advice you might have on how to determine the cost basis for the used antique cars bought  over the course of 50 years or so with no paper records.....

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Unfortunately, there are very few options if you cannot even pinpoint a date of acquisition, but that would be the first step.

[niteowl446]

 There are so many variables in Model A & T cars and their condition that I am at a real loss here. Some were purchased by my Dad and given to my brother, but I am not even sure which ones they are. I may just come up with a number and hope that I'm not audited. Thanks for your help.

[fanfare]

If you report  a cost basis of Zero, you will not be audited. 

[Carl]

Just a guess to see if it helps. I myself am not a car buff. For cars and other over-the-road vehicles, (even collector cars I would think) I would expect there to be some type of transaction record at the state DMV. While VINs may not have been used back then, I would expect there to be some kind of serial number on the engine block maybe.

If anything, find and talk to another car collector to find out possible sources of information that may be available for you to establish an acquisition date if anything.