I believe, you have to inherit over 5 million before you owe any inheritance tax to the Feds. And, there are only a handful of states that collect inheritance tax at all. You'll have to look up the exact information because it changes.
What may be important to determine, is the value of the audio gear at the time you inherited it. This would be the basis value to figure out if you owe taxes or not, but only when you sell it, so did you have a profit or loss from the sale? I realize this is your friend's equipment. So, if your friend's equipment was valued at $65K when he inherited it. If he sold it later for $60K, he would have no tax owed.
However, he should ask his accountant about this stuff, because I'm not an accountant.
Kenny
What may be important to determine, is the value of the audio gear at the time you inherited it. This would be the basis value to figure out if you owe taxes or not, but only when you sell it, so did you have a profit or loss from the sale? I realize this is your friend's equipment. So, if your friend's equipment was valued at $65K when he inherited it. If he sold it later for $60K, he would have no tax owed.
However, he should ask his accountant about this stuff, because I'm not an accountant.
Kenny