Newbie with inheritance

Discussion in 'Coin Chat' started by Logger, Nov 10, 2007.

  1. Logger

    Logger Junior Member

    Inherited a fairly large collection of maple leafs, kugerands, double eagles, mexican olympic silver, and various US coins. My Dad bought for investment and has some interesting looking coins. A couple of questions:

    1) Do not want to get cross purpose with IRS. How can I establish value without receipts. We haven't been able to determine when and how much Dad paid. I have had this collection for five years or more...could I just go back and determine values at that point and consider gains from that point?

    2). Just recently took another look at Dad's coins...and want to attempt to grade (at least the US coins) before I market any (if I do). What is the best way to preserve my coins? Flips, cardboard, or ??? Many of the US coins are in rolls...I want to take apart, grade and put in something that makes the coin visible.

    3). Pictures seem to be done with cameras...rather than scanning. Is there something wrong with scanning? Light exposure, etc...or is sharpness compromised?

    Just some questions from a newbie! Appreciate the collective knowledge of this forum.
     
  2. Avatar

    Guest User Guest



    to hide this ad.
  3. Speedy

    Speedy Researching Coins Supporter

    I'm not a tax guy--and so you will need to get help from a CPA or something better in your area...
    I would think your "value" would be what they coins were worth the day you got them. Don't worry about how much he paid for them....
    Again---talk to someone in your area who works on taxes and maybe even a coin dealer.

    As for photos---you can feel free to use the scanner. The main reason most people don't use one is because it is most likley that the scan will look washed out. Therefor the coin might look like a lower grade than it really is. I won't hurt the coin in the least.

    Speedy
     
  4. Philly Dog

    Philly Dog Coin Collector

    Welcom logger!

    If the coins are part of a IRA or someting like it then it will be tricky or if any per tax was paid as Speedy said you need to talk to a CPA or even get some info from the IRS. You can talk to them and they can be helpful
    Good Luck
     
  5. coleguy

    coleguy Coin Collector

  6. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    I'm not a tax accountant/attorney so you may want to get professional help locally, not from the internet, but this is my understanding. If the coins belonged to your father, the cost basis to you is the value of the coins on the day he died. Estimates are permitted. If his estate was large enough to incur estate taxes, the coins should have been part of the calculation but incur no capital gains tax at that time.
     
  7. gatzdon

    gatzdon Numismatist

    I will say this, don't sell the coins until you have shopped around. You will find too many dealers that would try to get away with paying spot value for a 1927D Saint Gaudens.

    Sorry I can't help you with the tax situation.
     
  8. Treashunt

    Treashunt The Other Frank

    Logger:
    Under the IRS rules, your inheritance is valued as of the date of your Dad's death or 6 months thereafter.
    If an estate return was filed that would have been the source of the values.
    If not (an estate return is not always required to be filed) then use the values for the above dates.
    Good luck.
    Also, they are considered to be long term capital gains, if they were an investment, not a collectible.
     
Write your reply...
Uploads are not available.
Draft saved Draft deleted

Share This Page