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<p>[QUOTE=&quot;Treashunt, post: 168570, member: 6763&quot;]Correct: if an estate rerurn is filed, you would get the stepped up basis (ie cost) as of the date of death or 6 months thereafter, your choice for value when you file the estate return.</p><p><br /></p><p>As for the taxes, it would depend upon the holding period. Short term taxes are at normal rate, for your return, and long term are at a maximum of 20% (Federal) plus your particular state&#039;s rate (NYS maximum is 7.875%).</p><p>Aside: there is no sales tax charged to the seller at an auction. The sales tax is paid by the buyer, if there is any. The same as with a car, you don&#039;t pay sales tax when you sell it (either to a car dealer or privately) if you sell the car privately, the new owner would register the car and pay any sales tax on the purchase.[/QUOTE]</p><p><br /></p>

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