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Originally Posted by bama guy  I know in Alabama you can receive up to $10,000 a year as a ''gift'' without reporting this as income. Sounds like to me you received a gift(s) not an inheritance. |
That is an IRS rule and applies nationwide. Anyone can give anyone else up to $10,000 per year without tax implications. So a father and mother can give each of their children $20,000 a year without having to pay gift tax. This is a good way of transferring wealth without having to give a hunk of it to the tax man.
BUT it must be done properly. It cannot be done after-the-fact; i.e., it cannot be done after the person giving the money (or dollar equivalent in property) has died.
Also be aware that the first $500,000 of an estate is exempt from estate taxes. (That figure may have changed and almost certain to change with the new administration.) So you may not owe inheritance tax on the coins depending on the size of the estate.
The above is not to be construed as tax advice. You should seek the advice of your accountant.
