Message:

<p>[QUOTE=&quot;illini420, post: 748403, member: 19423&quot;]I would definitely check that with your CPA or tax attorney before moving forward under those assumptions.</p><p>&nbsp;</p><p>Generally, under current federal tax law there are no taxes assesed to the beneficiary of your coins upon your death under your will or trust unless your total estate exceeds the then current exemption amount (currently $3.5 million dollars and expected to rise to $5 million in 2010 and beyond, though under current law that isn&#039;t the case).&nbsp; Thus, as long as you die this year w/ less than $3.5 million in assets your heirs receiving the coins will receive them 100% tax free and will get a step up in basis to the then current value.&nbsp; Therefore, they could sell the inherited coins the day after you die for that then current value 100% tax free with no capital gains owing.&nbsp; Please check with your State tax law though as some states do assess inheritance taxes.</p><p>&nbsp;</p><p>If you make a lifetime gift of your coins however, the recipient of those coins inherits your cost basis in those coins (hopefully lower than what they are worth).&nbsp; So, when those coins are then later sold for current fair market value, there will be capital gains taxes owing (collectibles rate is currently 28%).&nbsp; Also, if you gift more than your annual gifting exclusion amount ($13k per year per donee), you as the donor may be liable for gift taxes depending on how much you give away and whether you have used up your lifetime exclusion for gift tax purposes (currently $1 million).</p><p>&nbsp;</p><p>In summary, making a lifetime gift of coins may not be the best idea if you don&#039;t have a very large net worth that would bring the estate tax into the picture.</p><p>&nbsp;</p><p>And once again, don&#039;t rely on coin forum tax advice, consult with your CPA and/or tax attorney.[/QUOTE]</p><p><br /></p>

Your name or email address:

Do you already have an account?

• No, create an account now.
• Yes, my password is:
• Forgot your password?

Stay logged in