The family have already auctioned off the contents of the property mainly personal effects, household...
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The family have already auctioned off the contents of the property mainly personal effects, household furniture ect. Estimated value of each item not exceeding $4,000-5,000, total contents sold for $17,800. However, there were some items of note particularly a Hans Heysen oil painting we assume was acquired sometime between 1958-1962 for approximately 500 and sold at auction for $10,000. Also, a 1987 Mercedes SL350 sold for $48,000, an Edwardian Sterling Silver Soup Tureen sold for $6,000, the bill of sale indicates it was purchased in 2003 for $5,000 and a set of Fresh Water Pearls purchased in 2008 for $5,000 sold for $3,000. They are interested to know if there are any tax consequences from these sales.
What are the Capital Gains Tax Consequences arising from the sale of;
The personal effects, household furniture ect; and
The Heysen oil painting; and
The 1987 Mercedes SL350; and
The Edwardian Sterling Silver Soup Tureen; and
The set of Fresh Water Pearls.
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