Tangible personal property includes, but is not limited to: works of art, jewelry, furs, silverware, books, statuary, vases, oriental rugs, and coin or stamp collection.
Should a federal estate tax form be required, it will be important to obtain the date of acquisition of the item as well as fair market value (FMV) at the date of death.
Thanks to R. Chistian Davis, Vice President, Private Client Group, US Bank, Madison, Wisconsin, for discussing this information at the 45th Annual CLEW Tax Workshop, presented by the University of Wisconsin Law School.
Remember, a blog is for discussion, and is not a substitute for legal or tax advice. Please consult your attorney and or tax person for advice specific to your situation.