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Coin and Paper Money Collecting/tax implications on inherited gold and silver coins when I sell them.
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Question
Hello. I inherited a fairly large coin collection in mostly silver dollars and liberty 20 dollar gold coins and want to sell them. I took hold of the coins earlier this year and have already sold some of them and am preparing my taxes for 1906. What are my tax responsibilities for the coins I have sold? Thanks
Hi Rob!
What state are you located in? Were the coins listed in the estate as an asset? Do you have receipts for the coins if they were purchased?
You can email me directly at OMEGAPM@aol.com
Please include a daytime phone number and I will give you a call.
Regards
Joe Hylas
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Answers by Expert:
Joe Hylas
Expertise
Numismatic professional with over 30 years experience can answer your questions about US coins, their values, how best to sell them and where to buy them. Interested in starting a collection? Find out which areas are undervalued and how to acquire those coins at the best price.
Experience
Ex-Head Precious Metals trader for Deak-Perera International with 42 offices worldwide. Industry experience since 1978. Has worked co-operatively with US Mint, Royal Canadian Mint, Austrian Mint, Chamber of Mines of South Africa, World Gold Council and Platinum Guild International. Professioanl numismatist specializing in US Coins. Always buying collections, will travel if size of collection warrants. Website: www.AllCoins.US
Organizations
PCGS, NGC, Rotary
Publications
Physician's Money Digest
Education/Credentials
Bachelor's Degree in Business Administration
Awards and Honors
Paul Harris Fellow
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