And Reels
Ive got a massive collection of antique Hardy fishing reels. How much are they worth?
My grandad collected Hardy reels for over 60 years and he died a couple of months ago and left them all to me. Ive got nearly all of the antique reels and how much are they worth? And would it be a good idea to wait 10 years to have more money?
This collection needs a professional appraisal, for several reasons.
The obvious one is you want to know the value for insurance purposes, which is not necessarily how much you would get for them if sold.
The second is that not all Hardys are rare and expensive, so an appraisal will tell you what's great and what's not so great.
The third, and this one is important, is for tax implications. There is currently no federal inheritance tax, but some states do tax the person who inherits. But even more importantly, if you are thinking about selling in the future, you need to know the value now, within a short time after you inherit. When you inherit property of any kind, you receive it at the value of it at the time of death of the person that gave it. This benefits you. If instead it was valued at the original cost, you would face a possibly huge tax bill when you sell, because these may have been bought very cheaply way back when. Let's say that your grandfather paid a total of $1,000 for these reels over the years, and today, they're worth $20,000. You receive them at a valuation of $20,000, not the $1,000 paid for them.
But, if you keep them ten years and then sell them, you may have some additional profit above what they were valued at when you received them, or you could have a loss. Without that appraisal to show what the value was when you received them, you'll have a tough time proving to the IRS that you don't owe tax on the increased value - they'll certainly make the assumption that there is - and if there is actually a loss, as collectible markets do change over time, you won't be able to support a claim for a tax loss.
If you don't want to pay for an appraisal and plan on selling them within the year, you'll be fine as far as owing no federal tax on the proceeds. You should find out what the inheritance tax law is for your state, but it's probably not going to be a whole lot if there is any tax.
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