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<p>[QUOTE=&quot;medoraman, post: 1123946, member: 26302&quot;]Guy, your basis will be what you had in them. The complicating factor is that they were gifts. Since I doubt you paid taxes on the value of the gift when you received them, your basis is $0. If your accountant chooses to treat it as a like kind exchange, the basis of your new coins still will be $0, but no tax will be due. If he says it cannot be like kind exchanged, I would argue you sold them for the $1800 value, not the $2200 value, since essentially the dealer sold you $2200 of coins for $1800, which is a normal dealer price discount. In that case your gain would be $1800, which would be a long term collectible capital gain.</p><p><br /></p><p>Hope that helps.</p><p><br /></p><p>Edit: forgot to add, the basis in your new coins, since you recognized the gain now, would be $1800 in the second scenario. That would be what you would use to offset your sales price when you sell them.</p><p><br /></p><p>Chris[/QUOTE]</p><p><br /></p>

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