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Posted by Seth Breidbart on June 23, 2006, 3:10 am
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> We recently bought a house from a neighbor, whom had "moved"
> to a nursing home. Included with our house purchase were
> innumerable antique items -- which while most valuable --
> are not items we want. Thus, we intend to sell these
> antiques, probably netting several (easily over $10k)
> thousand dollars.
>
> My question: How do I treat the sale of these valuable
> antiques on our tax return.
I assume you bought the house furnished.
You allocate the cost between the house and the antiques.
The excess of the received price for the antiques over their
basis is capital gains. (If something sells for less than
its basis I'd guess you allocated the cost improperly. The
same might be said if something sells for more, but I
suspect you bought the property at a discount, so there
would be some profit.)
Seth
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