Capital Gains on muscle car (state of PA)

[Schonyenko2]

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I'm not an expert on trusts, but it would be worth checking out. Keep in mind that for personal property that is inherited from your parents, your 'basis' (read: cost) is the FMV (fair market value) at the time of death. This is good. Here is why.

When schoneye meets his maker, and Joe gets his yellow deuce, it's as if Joe paid the FMV at the time schoneye moves on. That means that the cap gains from '70 until the day it's passed along are not taxed! I'll have to check this out again, as it's been awhile since I looked this one up, but that's the gist of it.

So, I don't think you have to worry about the 'Gift Tax Exclusion' that chuck is alluding to - plus, I think that's just for cash, but not sure.

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He ain't gettin squat. I had the deuce before him, or his mom.I'm takin it with me.