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Tax basis
SillyAG35
Posts: 2 ✭
I have some silver which I inherited. I'm thinking of selling some, how do I figure a cost basis for tax purposes?
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I believe it would be the step-up basis, the value on the date that you inherited it but I am not a tax pro.
Others here know more than I do.
https://www.irs.gov/publications/p551
https://learn.apmex.com/answers/how-are-inherited-coins-valued-for-tax-purposes/
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No taxes if you spend it for face value! LOL
step up basis is value at time of inheritance. Sell is soon thereafter and face very little capital gains tax.
Paper is expensive, and gold is patient.
Not sure if this was recently inherited, or you have held it for months/years. Basis on inherited assets are the FMV at the date of death. If the asset has depreciated, you can assign a value 6 months after the date of death. If you use the 6-month valuation date, I believe you have to use that valuation date for all inherited assets.
step up basis is value at time of inheritance. Sell is soon thereafter and face very little capital gains tax
Cap gains on bullion are indeed nasty, but it might be prudent to hold onto the metals if you still see the market rising.
I knew it would happen.
And the penalty for it totally sucks
If you do hold them, be sure to document their value at time of inheritance, it wil be your forever "cost."
Paper is expensive, and gold is patient.
Most people wouldn't say anything.
And, depending on how much silver you have, it may not even be a blip.
Now, if thousands of ounces were left, and you sold it all at once, there would likely be a write-up by the shop and it may show up. But if you had 10 ounces? Even at $100+/oz, it wouldn't show up
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
If one decides not to report the gains, then do not deposit the money in any bank account. That money goes into your tank, pantry, wardrobe or experiences while on vacation.
If the inheritance is not documented at the time of inheritance, wouldn’t the tax basis be zero?
Doggedly collecting coins of the Central American Republic.
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probate documents itemize all assets of an estate
Paper is expensive, and gold is patient.
Provided there are documents.
What inheritance
What silver
What sale
What?
if there's no will or court order there is no inheritance. If it's a lot of money go the inheritance route so you can get new basis. A lot of money has to go throught the banks and you will never hide the gains from the tax man.
Paper is expensive, and gold is patient.