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
0
Comments
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
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The old one's I had, I threw away many years ago. Long after I stopped subscribing. Cheers, RickO
Why do they want 2011 values?
All comments reflect the opinion of the author, even when irrefutably accurate.
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
11 years later and the estate isn't settled? Cost basis would only be a single year if all coins were acquired that year. I find it odd.
All comments reflect the opinion of the author, even when irrefutably accurate.
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...
Could be. Could also be they were an bought at once. There are possibilities, but that's why I asked.
All comments reflect the opinion of the author, even when irrefutably accurate.
****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.
**
I know. And this was discussed in my later post. But the OP asked about valuing an estate not an inheritance. While it could be that he was trying to establish the cost basis of his inheritance 11 years ago, that's not how I read it which is why I asked.
All comments reflect the opinion of the author, even when irrefutably accurate.
We have had all of the above. It happens more often than you think.
RIP Mom- 1932-2012
I don't doubt it. I see all kinds of nonsense in estates. I know someone who hasn't even tried to appropriately close an estate from 3 years ago. I keep waiting for the Feds or State to notice.
All comments reflect the opinion of the author, even when irrefutably accurate.
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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