Who must value the cards and when the value matters

When someone dies, the person who handles the estate (executor, personal representative, or administrator) is responsible for identifying estate property and providing an inventory and valuation as required by the probate court. Under Mississippi probate practice, the estate inventory and accountings must reasonably reflect assets and their values so the court and heirs can administer the estate. See Mississippi Code (search Title 91, Probate) at the Mississippi Legislature site: https://www.legislature.ms.gov/.

For tax purposes, the important valuation date is generally the decedent’s date of death (the “date of death value” or fair market value as of that date). For federal estate tax and income tax basis rules, the date of death fair market value normally sets the beneficiary’s basis in inherited property (the stepped-up basis). See IRS guidance on estate tax and basis: https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax and IRS Topic 703 on basis: https://www.irs.gov/taxtopics/tc703.

Practical steps to value Pokemon cards for estate paperwork

1. Create a detailed inventory. List each card or lot. Include set, year, card number, player/character, condition, and any grading company and grade (for example: PSA 10). For sealed boxes or sealed product, note the manufacturer, edition, and sealing condition.
2. Photograph everything. Take clear, dated photos of the front and back of each card and packaging. Keep original packaging or provenance documents if available.
3. Separate graded from raw cards. Professionally graded cards (PSA, Beckett/BCP, CGC) usually have stronger market evidence because the grade standardizes condition. Note grade certification numbers.
4. Research recent completed sales. Use recent completed-auction results and marketplace sales (eBay sold listings, Heritage Auctions, PWCC, Goldin, TCGplayer, etc.) for identical or closely comparable items. Prefer multiple recent sales records to show a market range rather than a single listing price.
5. Document market comparables and the date used for valuation. Save screenshots or printouts showing item, sale price, sale date, and seller/buyer when available. Ensure comparables are from about the date of death (or explain adjustment if you use later sales).
6. Group low-value items. For hundreds of lower-value cards, you can value common cards per-set or by lot and attach a schedule. For significant single-item values, treat each card individually.
7. Obtain one or more written appraisals for high-value items. If an individual card or set has significant value, hire a qualified appraiser experienced in trading cards and collectibles. A written appraisal is best practice for items that could be disputed or may require reporting for tax purposes.
8. Keep originals and chain-of-custody records. Keep original certificates, grading slabs, receipts, auction catalogs, and a log of who has custody of the cards during administration.

When should you hire a professional appraiser?

Consider a professional appraisal when:

• A single card or a small group could represent a large portion of the estate’s value.
• Values are volatile or markets are thin (fewer comparable sales).
• There is likely to be disagreement among heirs about value.
• There is a potential federal estate tax filing or complex income tax issue.

Choose an appraiser who has demonstrable experience with trading-card markets and who provides a written report that explains the valuation method, comparable sales, and any adjustments for condition or provenance. Professional credential examples include appraisers who are members of recognized appraisal organizations and who specialize in gaming/collectible cards.

How courts and the IRS view values

The probate court expects a reasonable, good-faith valuation supported by documentation. If the estate must file a federal estate tax return or if the Internal Revenue Service challenges a reported value, the estate will rely on documented sales, auction results, and appraisals. For federal tax rules and guidance on valuing property and reporting, see IRS publications and instructions: IRS Publication 561 (Determining the Value of Donated Property) and the IRS estate tax pages: https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax.

Mississippi-specific notes

Mississippi probate courts require inventories and accounting from executors and personal representatives. The Mississippi Legislature maintains the state code and probate statutes; the probate rules and local court practices determine filing details and deadlines. For state statutes and to locate Title 91 (probate/estate administration), see the Mississippi Legislature website: https://www.legislature.ms.gov/. If the estate involves potential federal estate tax issues, consult IRS guidance.

Common pitfalls to avoid

• Don’t rely on asking prices or uncompleted listings—use completed sales data when possible.
• Avoid mixing graded and raw comparisons without adjustment for grade differences.
• Don’t sell collectible items quickly just to convert to cash without checking probate requirements—some sales may need court approval depending on local rules.
• Don’t assume online price guides show fair market value; corroborate with sale history and professional appraisal for valuable items.

Helpful hints

• Start the inventory right away and secure items in a locked, insured location.
• Keep a running digital folder (photos, sales comps, receipts, appraisal reports) tied to each item or lot.
• If you hire an appraiser, request a signed report that lists the appraiser’s qualifications and the methods used to value items.
• Use multiple comparables and markets (auction houses and large secondary-market platforms) to support values.
• If heirs plan to keep cards, document the date-of-death value and use that number as their tax basis if they later sell.
• When in doubt about court filing requirements for inventory or sale of estate assets, consult a Mississippi probate attorney or contact the local probate clerk’s office.