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Your advise please - major headache!
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<p>[QUOTE="GDJMSP, post: 80289, member: 112"]It's a bit more than a can of worms - it's the whole worm farm !!</p><p><br /></p><p>It's pretty hard to sell something when you don't know anything about it. And the intricacies of this hobby are not something you can pick up in a few weeks or months, it takes years - even a lifetime.</p><p><br /></p><p>To be quite honest the best advice I can give is for you to contact a reputable coin dealer and sell the collection as a whole. When it is sold, you just act as the agent for your in-law - have the check made out to him. That would relieve you of any tax liability. Hopefully your in-law kept records of what he paid for the coins and when because he will need them for tax purposes. But as suggested - have him contact his tax advisor or accountant.</p><p><br /></p><p>There are many reputable dealers throughout the country, but if there is not one near where you live that's not always a problem. If the collection warrants it - dealers will come directly to you even from clear across the country. But as I said - it depends on the value of the collection. That can be partially determined over the phone in your conversations with them.</p><p><br /></p><p>If you can post a better list for examples of what you have - I can make several recommendations of dealers you may wish to contact.[/QUOTE]</p><p><br /></p>
[QUOTE="GDJMSP, post: 80289, member: 112"]It's a bit more than a can of worms - it's the whole worm farm !! It's pretty hard to sell something when you don't know anything about it. And the intricacies of this hobby are not something you can pick up in a few weeks or months, it takes years - even a lifetime. To be quite honest the best advice I can give is for you to contact a reputable coin dealer and sell the collection as a whole. When it is sold, you just act as the agent for your in-law - have the check made out to him. That would relieve you of any tax liability. Hopefully your in-law kept records of what he paid for the coins and when because he will need them for tax purposes. But as suggested - have him contact his tax advisor or accountant. There are many reputable dealers throughout the country, but if there is not one near where you live that's not always a problem. If the collection warrants it - dealers will come directly to you even from clear across the country. But as I said - it depends on the value of the collection. That can be partially determined over the phone in your conversations with them. If you can post a better list for examples of what you have - I can make several recommendations of dealers you may wish to contact.[/QUOTE]
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Your advise please - major headache!
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