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<p>[QUOTE=&quot;Treashunt, post: 3639646, member: 6763&quot;]Okay, here we go:</p><p><br /></p><p>Any miscl income received below $600 does not need to be reported. $600 is the official reporting threshold for a Schedule C, unless you are showing a loss vs other income of course.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>On inherited assets, you can pick up the &#039;basis&#039; [read: adjusted cost basis]&nbsp; as of the date of death or 6 months thereafter.</p><p><br /></p><p>Any sale / profit over that amount would be income, altho all [sine a collectible] as ordinary income.</p><p><br /></p><p>however, if you leave it to your heirs to sell they again get the stepped up basis to your date of death or 6 months thereafter.</p><p><br /></p><p>However!&nbsp; If your coins are worth, say $10 million, then you still would not pay income taxes on receipt. And taxes due, ie estate taxes would/should have been paid by the estate. You get them free &amp; clear.[/QUOTE]</p><p><br /></p>

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