Do you know the approximate value of your collection?

His grandfather gave him $40,000 worth of gold... so HIS cost were $0. He did not buy the gold, so it was free to him. That is why someone says just go ahead and sell some of it, cause it is all profit.

 

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sure, but his actual basis, for calculating gain is the value as of the date of receipt, if an estate or his grandfather's basis if a gift.

 

A coin collection for me has always been an enjoyable hobby. When I pass I am certain my children will sell all or part of my collection, which is why I have left instructions on how best to liquidate coins at the best price. If you aren't overly enthused with your grand father's collection, then maybe you should sell part of it and do so something you really enjoy. Possibly that is what he would want you to do?

 

Good point. He left no instructions about his coins, so I'm pretty much free to do whatever I want with them. I will probably end up selling the bullion but keeping the numistically valuable stuff, like the 1889-CC Morgan!

 

Sounds like a plan to me. I do not like to invest in bullion.. you never know what it will do. I would rather have that money in something that cannot be stolen as easily, and has a better track record. Sell the bullion, invest in a roth IRA (won't be able to put it all in there the first year though), and keep the coins.

 

He said they were his grandfathers, so I assume he inherited them. Thus, he has $0 dollars in them.

 

Not true. He's allowed a certain amount of inheritance before any taxes are applied. If memory serves, an estate can be divested to your inheritors tax free if it's less than $2 million.

Depending on when he received the inheritance, gold has been on a downward slide now for a couple years as well.

 

Actually true, he inferred that it was received while his grandfather was alive.

If not, then the collection flows to him with a valuation as of the date of death or 6 months thereafter, whichever (generally) is higher.

 

Actually I think it depends on the state - I did not read the whole thread. I know the lawyer who drew up my will told me to contact him if I wish to give some early to my heirs. He said we could do it tax free - but I do not know if there was a limit of some kind or not. I know I can gift money to individuals up to a certain amount tax free.

 

I didn't see him state one way or the other. All he said is he got it from Gramps.
My thought was it was after his death, your's was prior to. Interesting we can read the same sentence and interpret it differently.

 

as a gift, the annual gift exclusion amount stays at $14,000 for 2015.

as far as higher amounts, it is a reduction against the unified credit for your estate.

Not just gift money, but value (the value of other items: coins, antiques, etc.)

 

Copied from Forbes:

The Internal Revenue Service announced the 2015 estate and gift tax limits today, and the federal estate tax exemption rises to $5.43 million per person, and the annual gift exclusion amount stays at $14,000

 

I have a detailed spreadsheet that tracks all of my coins. I can tell you exactly what I paid for my collection, adjusted for inflation in 2015 dollars. So many collectors don't account for inflation in their cost bases.

As for its current value.... that is significantly more difficult for the material that I collect. I track a number of auction houses and update my estimated values based on current market trends. However, many of the coins I collect may appear once every couple of years (if at all). So, as for what it would currently get at auction.... I have no idea.

 

I don't know. I just pay attention to the keys and if they are going up or down.

 

I DO BUT WOULD NOT POST THAT INFO ON SOCIAL MEDIA

 

THANKS FOR YOUR INPUT

 

Yes, but I'm not telling

 

My collection priceless to me !! To someone else what ever they are willing to pay.

 

My collection priceless to me!!! To someone else what will they pay? The question is "what is ur collection worth to you"

 

Naw, it won't work, I told mine and she is still around.