The Spares Company
Club Shop/Regalia
Parent Website
Contact Officials
Machine Registrar
Club Secretary
Membership Secretaries
MPH Editor and Forum Administrator.
Section Newsletters
Technical Databases
Photos
Home
What's new
Latest activity
Forums
New posts
What's new
New posts
Latest activity
Information
Bike Modifications
Machine Data Services
Manufacturers Manuals
Spare Parts Listings
Technical Diagrams
Whitakerpedia (Vincent Wiki)
The Club
MPH Material Archive
Flogger's Corner
Obituaries
VOC Sections
Local Sections
Local Section Newsletters
Miscellaneous
Club Assets
Club History
Club Rules
Machine Data Services
Meeting Documents
Miscellaneous
Essential Reading
Magazine/Newspaper Articles/Letters
Adverts and Sales Brochures
The Mighty Garage Videos
Bikes For Sale (Spares Company)
Log in
Register
What's new
New posts
Menu
Log in
Register
Install the app
Install
Home
Forums
Forums: Public Access
General Chat (Vincent Related)
How to advise on the sale of a collection?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="TouringGodet" data-source="post: 52757" data-attributes="member: 27"><p>Also consult a tax advisor before choosing to gift high value items. There can be an impact on the cost basis the receiving person will have, which would then impact capital gains taxes if/when the receiving person sells the item. The same may apply to adding a person to the title. I have read many real estate articles where someone added a child to the title of a house, or completely transferred a house to a child. At the death of the parent, the child sells the house, but has to pay a large amount of tax, since the parent bought the house for 20K (for example), but it is now worth 500K. Adding the child to the title/giving the child the house transferred the low cost basis to the child. Depending on how it was done, it may be that 0 - 50% of the cost basis is 'stepped up' to the current market value, but you would normally want 100% of the cost basis to be stepped up, to avoid capital gains taxes.</p></blockquote><p></p>
[QUOTE="TouringGodet, post: 52757, member: 27"] Also consult a tax advisor before choosing to gift high value items. There can be an impact on the cost basis the receiving person will have, which would then impact capital gains taxes if/when the receiving person sells the item. The same may apply to adding a person to the title. I have read many real estate articles where someone added a child to the title of a house, or completely transferred a house to a child. At the death of the parent, the child sells the house, but has to pay a large amount of tax, since the parent bought the house for 20K (for example), but it is now worth 500K. Adding the child to the title/giving the child the house transferred the low cost basis to the child. Depending on how it was done, it may be that 0 - 50% of the cost basis is 'stepped up' to the current market value, but you would normally want 100% of the cost basis to be stepped up, to avoid capital gains taxes. [/QUOTE]
Insert quotes…
Verification
What was Mr Vincent's Christian Name?
Post reply
Home
Forums
Forums: Public Access
General Chat (Vincent Related)
How to advise on the sale of a collection?
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…
Top