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<p>[QUOTE=&quot;illini420, post: 1018453, member: 19423&quot;]Correct, if you don&#039;t keep records on your cost basis the government will in most cases assume your cost basis is zero and you&#039;ll pay capital gains taxes on the entire amount realized.&nbsp; However, I remember hearing of one case where a seller without purchase records sold a bunch of 90% junk silver and the government allowed the face value of the coins to be used as the cost basis.&nbsp; I guess they thought it would be unreasonable to consider the first $.25 of a junk silver quarter as a capital gain since it could still be spent as $.25 regardless of the price of silver.[/QUOTE]</p><p><br /></p>

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