I have recently found out that some paintings my parents own have considerable value. The artist was a family member. My grandmother inherited the paintings in 1966. We do not know what kind of inheritance tax she paid on them at that time, she is no longer living. My parents now have some paintings that they have always had and a few more that my Grandmother had in her home before she died. We are going to sell 3 of the paintings for approx $15,000 each. Does it make a difference in capital gains if the money goes to different family members? Is there any way to pay 10% or 20% rather than the 28% usually required on collectibles and art? Does it make any difference that my parents are over 65 and retired? Any help or ideas would be greatly appreciated.
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