Options with regards to personal property with unknown value

[wglover]

The family has a few pieces of furnature and art which may be of a high value (possibly some over $10,000) which we inherited. We have never had appraisals done. We inherited them about 3-4 years ago and may keep them but are considering our options. What exactly are our options and the consequences associated to them? If we sell them, are we obligated to pay additional estate taxes? If we donate them, would they be a tax write off and benefit for the 4 of us or for our parents estate which has already been paid, audited, and accepted by the IRS?
Thank you

 

[ALawyer]

You can get an appraisal, or just enjoy the property.

In theory there would be Capital Gains Tax on the increase from the appraisal or other value for estate tax purposes at time of death and the sale price.