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<p>[QUOTE=&quot;Cringely, post: 1293486, member: 22271&quot;]I have a few coins that were passed down (at no cost) to me. If they were part of an inheritance, you can use their value — at the time you received them — as their basis cost.</p><p><br /></p><p>Keep records. If you don&#039;t have any, jot down what coins you have, who you purchased them from and what you paid for them. While the IRS may not accept that today, in 10+ years, you will have shown that you had the described coins as of today and that you can show a basis value for them (say using the Red Book).</p><p><br /></p><p>Finally, you owe taxes <i>only</i> on the net gain of all your numismatic transactions for that particular year. If you sell your 1909S-VDB that cost you $600 for $1,000, your taxable amount is $400. I actually knew someone who sold a 5 figure coin for a slight loss so that she wouldn&#039;t have to pay taxes on the sale.[/QUOTE]</p><p><br /></p>

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