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Old grey sheets
Minuteman810430
Posts: 115 ✭✭
Hello does anyone have any old grey sheets for us coins from 2011
The IRS is allowing values for coins from the grey sheet as a tools to determine value of an estate
Thanks
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Newman Numismatic Portal under periodicals
as @JohnBCoins suggested
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https://nnp.wustl.edu/Library/AdvancedSearch?page=3&fullsearchterm=greysheet&contenttype=Periodical
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Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
The old one's I had, I threw away many years ago. Long after I stopped subscribing. Cheers, RickO
We do a lot of estate work and they often need to establish values as of date of death...also it could be for tax purposes to establish a cost basis on certain things when no receipts for amount paid is available. Beneficiaries often need this as well.
RIP Mom- 1932-2012
Perhaps it was a Coin Vault "investment package."
Suppose someone inherited a collection in 2011 and stuck it in the closet until this year, when they sold it...
****Cost basis would only be a single year if all coins were acquired that year.********Not correct.
The IRS uses a "step up cost basis," which is the valuation as of the date of death. Cost of acquisition by the decedent is irrelevant. Only the valuation at DOD, which becomes the new cost basis for the estate/beneficiary.
"Stepped-up basis is a tax law that applies to estate transfers. When someone inherits investment assets, the IRS resets the asset's original cost basis to its value at the date of the inheritance. The heir then pays capital gains taxes on that basis.Sep 1, 2022"
From IRS Publication 551 (page 9):
Inherited Property
The basis of property inherited from a decedent
is generally one of the following.
1. The FMV of the property at the date of the
individual's death.
**
We have had all of the above. It happens more often than you think.
RIP Mom- 1932-2012
I bought a bound volume for some reason or another.
EBay is your friend .
Greysheet sells back issues if I remember correctly
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