desertgem

In most states, including California, when any one on a safety deposit box signature list dies, the box is considered sealed until the court allows it to be released. This includes even the other signators on the list. If a signer knows that someone has died and opens the box ( they are clocked/dated at the bank) before the bank is notified and has it sealed, they are in trouble with the law. The idea is that the box may contain bearer bonds or cash that would end up in an inheritance tax or something mentioned in a will and not there. Home safes theoretically are covered also, but seldom create problems unless inheritors have disagreements in court. IMO.

Your laws may vary.

Jim

Logger

Great information! Really appreciate the input. To complicate things a little bit...Dad gave me these coins (he indicated these were my family's inheritance) years ago (5 thru 10)...when he was 88 to 90 yrs old. I have held them and have not sold any as Dad was one who did not trust banks, the government, paper money, or the economy (he was right). He wanted me and my family to be secure...so I held these coins in honor of his legacy and his principles regarding the state of the American economy...

Speedy

Well then....does that make them a gift, and not an inherited item?? In fact, if he gave them to you before he died then I don't think...(check with a lawyer) that it would be considdered inherited coins.

If that is considdered something inherited then that would mean when dad dies that you would have to go back to day 1 and list everything he has given you......

Speedy

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Cloudsweeper99

I would think that under those circumstances, the coins would not be part of the estate. They were a gift in the years given to you.

GDJMSP

Talk to a tax lawyer AND an accountant. I cannot stress this enough.

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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. Been there, done that with no problems. Course I had a good lawyer friend.

Now if you sell one of these gifts, you are suppose to report any capitol gains on these items in excess of their value on the day they were given to you. If you can not remember the exact day, I doubt anyone else will either.

That was the way it was when I had to handle all of this stuff. Call me a bad boy but I did not go out of my way trying to find assets after my father passed.

I do not think it is a complicated problem. As emphasized, the best thing you can do is get a good tax lawyer. Someone who know what they are doing and up with current regulations Sorry for the loss of you father. Been there to.

TheNoost

Michigan is $10K as well, from what I understand.

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Cloudsweeper99

I was under the impression that it was the responsibility of the giver to pay gift tax, not the recipient. But a tax/estate attorney would know for certain.

WmsJewelers

Take your coins to a show or a coin ship. Sell them for CASH. This is very important. As long as you don't go over the $10,000 per transaction limit you don't have any thing to claim. Now use the cash to take a vacation or go out and eat. Cash is off the books and does no have to be reported. This is why your father gave to your inheritance in coins. They can be sold for cash with out paying taxes.

rlm's cents

I would love to know just where any of this is written. I guarantee that the IRS does not agree with that statement.

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Hobo

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.

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Arizona Jack

By the looks of your avatar Bruce, I would be highly suspicious of any advise you gave or offered, as it might land me in the pokey or under indictment.

He is tellin you right folks, check with a tax pro familiar with your STATE laws, not just the feds

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