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Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 1561
Experience:  Over 22 years of tax preparation experience.
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On sale of old fires arm to a dealer how do I establish the

Customer Question

on sale of old fires arm to a dealer how do I establish the 'bases to the irs', as I no longer have proof of what I paid for?
Submitted: 2 years ago.
Category: Capital Gains and Losses
Expert:  Arthur Rubin replied 2 years ago.
Thank you for using Just Answer.
The dealer you purchased them from might still have records.
The IRS would likely accept be a "forensic appraisal"; if you remember when you purchased the firearms, you can get an appraisal as to the value at the time.
If you purchased them commercially, and they were "retail" (rather than collectibles then), newspaper advertisements from the time of purchase might be acceptable.
Depending on the cost of research, you might be better off just declaring a value of $0; the cost of research would be deductible, but only as an itemized deduction.