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<p>[QUOTE=&quot;calcol, post: 2659088, member: 77639&quot;]Someone mentioned inheritance taxes.&nbsp; If probate and distribution have finished and the coins are now in your possession but weren&#039;t declared, it&#039;s up to your conscious whether to re-open things.&nbsp; Many folks probably wouldn&#039;t, but if you sell and deposit the proceeds or sell more than $10K via a single source, it may be reported to taxing authorities and they may want to know where the money came from.&nbsp; You may want to consult an attorney (better than a non-attorney tax consultant because of privilege).</p><p><br /></p><p>When it comes to capital gains tax on sales of the coins (yes, it applies<img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie3" alt=":(" unselectable="on" unselectable="on" />), your basis will be their fair-market retail value on the day they came into your possession.&nbsp; So you need an inventory with that data.&nbsp; This is where the fact that many retail guides, like the Red Book, often have inflated prices is handy.&nbsp; You want your basis to be as high as possible, but it needs to rely on a reference acceptable to taxing authorities.&nbsp; They will likely want to you to be consistent though; you can&#039;t pick and choose references coin-by-coin to get the highest total basis. Be sure to get receipts for all sales. Capital gains on coins may be treated differently than gains on stocks, bonds or real estate.&nbsp; Consult a tax authority.</p><p><br /></p><p>Cal[/QUOTE]</p><p><br /></p>

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