Calculating my basis if I don't remember how much I paid....

[raymondtaylor]

I bought a painting at auction about 35 years ago and paid about $10,000. I no longer have the receipt nor do I remember exactly what I paid for it. I was planning on selling it but it is now worth about twice what I paid. If I sell it how will I report the gain?

[Bsch4477]

If you can’t document a cost basis the IRS will consider it zero. 

[pk]

@raymondtaylor , agreeing with the response from my colleague @Bsch4477 , there is always a middle ground.  If you don't have the documentation to prove your case, you can still make a "best effort" valuation  and as long as you have  other supporting documents/ facts  to show that you used all  reasonable approach to come up with " reasonable"  purchase/ acquisition cost, IRS will consider  the basis.  So my suggestion would be to document how you came up with basis figure.   Of course there is always a chance that IRS may  reject your "best-effort" figure and  take the "zero" basis approach.   So do the best you can and keep all documentation to back-up your claim.

Good Luck

[Mike9241]

I would also point out you would be selling a collectible that's tax at a higher rate than say a stock held long-term. IRC 480(m)(2). Turbotax can handle this, but you must correctly enter the details.