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<p>[QUOTE=&quot;Stevearino, post: 3429314, member: 74571&quot;]Please take my input with caution, as I&#039;m not an accountant, CPA, nor with the IRS.</p><p><br /></p><p>I think that when items are inherited you can take a step-up valuation.&nbsp; How to do that for coins?&nbsp; One way could be to go to the Red Book for the year you inherited the coins.&nbsp; Use those values as your cost basis.</p><p><br /></p><p>As far as &quot;worry about the IRS?&quot;&nbsp; Again, I like to sleep at night without those kinds of worries, so I am a little OCD about records, filing taxes, etc.&nbsp; </p><p><br /></p><p>As far as recording sales and acquisitions:&nbsp; many would use a spread sheet on their computer.&nbsp; At 69, I prefer pen and paper.&nbsp; Years ago I took an accountant&#039;s pad with numerous columns and headed them in the following manner:</p><p><font size="3">Date, Item, From whom, Purchase price, Date sold, To whom, Sale price, Gain/(Loss).&nbsp; </font></p><p><br /></p><p>I have a 3-ring binder with tabs for 15 categories: e.g., Ancients, Norway, Silver bullion, Type coins, etc.&nbsp; </p><p><br /></p><p>I&#039;m sure others have systems that work for them.&nbsp; My system works for me.</p><p><br /></p><p>Steve[/QUOTE]</p><p><br /></p>

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