[USER]

The prime motivator came from dealing with friend’s estates, realizing that ‘I’ am the expert a lot of people turn to and so leaving this to my family would almost be cruel.

I am reaching out here for strategies in disposing of personal possessions and being as prepared as possible to deal with tax implications. A rough estimate on everything would be around $200-250k.

Some quick sales and new IRS rules caused me to stop and get my head wrapped around the fact that a lot of the items have value greater than I anticipated.

Four items are classed as collectibles with an easy path as far as taxes.  It’s the pile of books and related accessories that are the pain. 

Thankfully, I have a habit of keeping book receipts in the books…and even saving receipts for other items mostly.  One immediate question is how do I deal with items I bought in a lot but sell individually?

What, if any, strategies should I be considering as I launch into this?  Are there out-of-the-box approaches like gifting to my children that should be considered? 

I am open to any ideas.  Thank you for your time!

[Austin]

You get a step up in basis if you die with them and the next person sells them. It’ll save you some capital gains.

[Kiana]

You have gifting limits… if it’s property and income based or cash. But I think you can give items while you are alive. I got a gift from an aunt that was an item and she had it for 40 yrs or so…

[Austin]

If you know the lot cost I believe it’s averages across each item.

[Author]

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