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Sale of inherited goods
racoakimbo
Posts: 4 Newbie
Hi. Unfortunately my father passed away a few weeks ago. His current wife is granted probate and the will leaves everything to her without exception. This is expected and we're all absolutely fine with it.
As it is her property now, she has decided to gift me his somewhat extensive collection of camera and computing equipment as she does not want it or even know what to do with it. I wish to keep and use some of it and dispose of some of it on eBay.
What tax liability / capital gain situation am I in here? None of the items individually are above the threshold or qualify as antiques or collectables
As it is her property now, she has decided to gift me his somewhat extensive collection of camera and computing equipment as she does not want it or even know what to do with it. I wish to keep and use some of it and dispose of some of it on eBay.
What tax liability / capital gain situation am I in here? None of the items individually are above the threshold or qualify as antiques or collectables
0
Comments
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I assume that as it's a gift, (and relatively low cost) there would not be any tax liability.....
.."It's everybody's fault but mine...."0 -
You will be selling personal possessions, there is no tax liability in doing that. CGC does not apply as you will be selling at the same value that they were gifted to you.0
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