I have been watching the "Antiques Road Show" too long. 
 
Lets make an assumption that you have inherited a bunch of stuff, none
of which you think is valuable.
 
Lets further assume that the estate was so large that it was close to
being taxed by the Feds (USA).
 
Later you find out to your delight that your slightly cracked teapot
is an astonishingly valuable antique, worth gazillions.
 
Had this been appraised at the time of the estate distribution, the
estate would now have to pay Federal Estate Taxes.  But a lot of time
has elapsed.
 
My question:  How long is "a lot of time".  In other words, how much
time must elapse before the estate does not have to be refiled, and
that the IRS will not get grumpy about your windfall?

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Clarification of Question by liner-ga on 21 Mar 2003 14:41 PST

Just for the record, this is a repeat of Question ID: 178407 where I
had asked for a specific researcher.  The researcher (Pinkfreud)
declined to answer.

Dear Liner, 

Typically, in all IRS issues, they can audit a tax or estate return
for up to three years after the date it was filed. 

After that - the books are closed. 

Now, if they believe there was deliberate fraud in the estate 
tax return, they can open it. But they have to have a strong
reason to say it was fraud. 

Just not knowing some worthless looking item was valuable 
at the time, well, that's not fraud.

Now, my friend, if you ever filed an estate tax return at
all...well then, the statute could still be open. 

So, if you want to give me more specifics (and more money), 
I could research that for you. However, I'd recommend that
if you're unsure, don't post the specifics here. 

See a good local tax pro who is an estate expert and have
them research it for you. 

If, in fact, that antique really IS worth gazillions, you'll
be able to afford the tax pro's fee. ;~)

Best wishes

Your TaxMama-ga

Ah, if only I really had that problem!!!  For $3, it really was just
curiosity from having watched that PBS show.  (Now, if I had offered
$10..............)

Identifying a "good" local pro of any kind is difficult which is why I
often choose to bungle the job myself instead of paying big money to
have an "expert" bungle it for me.  Neil age 71

If you got someone to value it low (when it wasn't) then it was hardly
your fault.

Estimates are just estimates and antiques do rise in value for all
kinds of reasons.

My guess is that the IR have better things to worry about than chasing
undervalued chattels ...