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<p>[QUOTE=&quot;mikem2000, post: 1543010, member: 30574&quot;]As Lucy said, you are giving your heirs a major headache by not reporting it in addition to breaking the law. Now most estates are usually too small to be hit with an inheritance tax. As of this year (it is about to change) it is 5 million dollars.</p><p><br /></p><p>So lets say the estate is large but is under the limit and has a modest stack of gold valued at $100,000. If you report the gold, the new owner takes possesion of the gold and any capital gains realized by the original owner are wiped clean. The new owner has a cost basis off $100,000 and is only responsible for capital gains from that point forward. So now two years go by and the gold is now worth $120,000 and the new owner sells. If all was above board the new owner would be liable for 15% of the $20,000 profit or $3,000. If it was not above board and you had no records, the IRS could claim a cost basis of whatever they wanted and it would be up to you to prove them otherwise.</p><p><br /></p><p>So, it is not only illegal to do what you are suggesting, it is also not a bright idea.[/QUOTE]</p><p><br /></p>

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