CaP'N GRuNGe Posted October 19, 2007 Share Posted October 19, 2007 A friend of mine is putting together a small auction to get rid of a number of items from his recently deceased grandfather's estate. He asked me if there were any tax consequences and I really didn't know until i read this interesting piece from the IRS website: http://www.irs.gov/newsroom/article/0,,id=174478,00.html Maybe it would be better to just donate the stuff to charity. Quote Link to comment Share on other sites More sharing options...
KevinL Posted October 19, 2007 Share Posted October 19, 2007 A friend of mine is putting together a small auction to get rid of a number of items from his recently deceased grandfather's estate. He asked me if there were any tax consequences and I really didn't know until i read this interesting piece from the IRS website: http://www.irs.gov/newsroom/article/0,,id=174478,00.html Maybe it would be better to just donate the stuff to charity. Pretty sure it's only income if you sell it for more than you paid. Since he didn't pay anything for the stuff, it's probably all income to him. Quote Link to comment Share on other sites More sharing options...
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