ladelfina
Thinks s/he gets paid by the post
- Joined
- Oct 18, 2005
- Messages
- 2,713
continuation of the riff about "clearing out your parents'/grandparents' STUFF"...
Does anyone know if there are some kind of tax ramifications of selling off tons of coins my dad acquired over the years? In the aggregate they will be worth a significant amount just because there are so many of them. Most, though, are proof sets or uncirculated coins from the '60s and '70s. I made a small sample list, checked some prices online, and found that (probably) very few are even worth what was paid for them, once inflation is taken into account.
Do coin dealers report sales to the IRS? Or is it just cash on the barrelhead? Would the amount we get all be taxable as capital gains? Is the basis now the value at the time of my dad's passing? Should we hang onto them until it comes time for my sister & me to inherit them along with the rest of my mom's stuff?
Since for most there seem to be no receipts there's no way to prove what was paid for them..
Also, any advice as to the best way to shop them around would be welcome.. None of us have any numismatic experience.
Does anyone know if there are some kind of tax ramifications of selling off tons of coins my dad acquired over the years? In the aggregate they will be worth a significant amount just because there are so many of them. Most, though, are proof sets or uncirculated coins from the '60s and '70s. I made a small sample list, checked some prices online, and found that (probably) very few are even worth what was paid for them, once inflation is taken into account.
Do coin dealers report sales to the IRS? Or is it just cash on the barrelhead? Would the amount we get all be taxable as capital gains? Is the basis now the value at the time of my dad's passing? Should we hang onto them until it comes time for my sister & me to inherit them along with the rest of my mom's stuff?
Since for most there seem to be no receipts there's no way to prove what was paid for them..
Also, any advice as to the best way to shop them around would be welcome.. None of us have any numismatic experience.