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income-tax gold coins

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January 3, 2026 Score: 8 Rep: 193,927 Quality: Medium Completeness: 40%

Assuming , the tax basis for gifted property is that of the donor. You'll need to figure out how much the father paid for them. If you can't, then you'll need to either evaluate based on a qualified appraisal (assuming you know when and how they were purchased), or just assume no basis and declare the total proceeds as gain. Note that gold coins are collectibles and collectible gains are taxed at a flat rate of 28%.