Client sold a landscape painting by a known artist which her late husband inherited from his mother. Painting was professionally appraised for $3500 in 2021 less than 2 months after husband passed. Painting sold in 2023 for $2500. I have searched the pubs for guidance but only find things related to donating art items. Question is what would the basis be for the client, the appraised value since it became hers when her husband passed or something else?
Comment