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<p>[QUOTE=&quot;medoraman, post: 1123812, member: 26302&quot;]Well first, don&#039;t trust a firm for tax advise. They will do what THEY are required, not is what is required of you. Two things, I would argue with the poster saying PM and junk silver are not like kind exchanges. These are effectively &quot;like&quot; investments which is what like kind exchange rules were created for. If it were me, I would take that position all the way to Tax Court. However, exchanging bullion for collectible coins I would say that the accountant was right, they are not &quot;like&quot;. Like in that case would be trading a 1909 sVDB for a 1916d dime, not trading silver bars or 400 junk mercuries for a 1916d.</p><p><br /></p><p>Second, any tax owed if not exchanged would depend on your basis. This is how much it cost when you purchased it. If you like kind exchange it, the basis will be from the original purchase, not todays value. Lets say you paid $500 for junk silver, like kind exchanged it for $2000, then later sell it. Your gain will be the difference between $500 and sale price. If you are holding on to the like kind exchanged product, you basis is $500 right now.[/QUOTE]</p><p><br /></p>

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