Gold Coins - Tax / Income Questions

[Limitool]

Thanks folks... While I did read and re-read every response I still don't understand if someone did find a few hundred gold American coins from the 1850's-60's AND TOLD THE WORLD how would they be taxed?

Face value, todays gold value or their collectable value? Does anybody know whatever the couple from CA. ended up paying based on what?

And I totally agree.... If anyone did find such a cache THEY NEED TO KEEP THEIR MOUTH SHUT and sell off the coins one at a time. Since I've never sold a gold coin (except 1 1849 $1.00 to a private dealer) is there a tax if some were auctioned?

 

[Msbeepbeep]

If it's a large American auction entity and an American citizen seller, i'm almost certain the IRS would somehow "know".

A collection's value is based on what a buyer is willing to pay. Gold coins issued value is for face value, but the gold values go up and down. You would be taxed at what ever value you or your lawyer could get the IRS to agree to.

That is why your last paragraph is worth it's weight in gold...silent gold!

 

[Bquamb]

All I have to say is... Thank you mom for being Canadian, Don't have to deal with this Hoo-Plaw.
Finders Keepers, And the US Gov. Is ridiculous in my eyes, how they truly think and believe that it all belongs to them one way, shape or form.

 

[Limitool]

All I have to say is... Thank you mom for being Canadian, Don't have to deal with this Hoo-Plaw.
Finders Keepers, And the US Gov. Is ridiculous in my eyes, how they truly think and believe that it all belongs to them one way, shape or form.

AMEN... amen....... Another amen!

 

[Metal Detecting Stuff]

Thanks folks... While I did read and re-read every response I still don't understand if someone did find a few hundred gold American coins from the 1850's-60's AND TOLD THE WORLD how would they be taxed?

Face value, todays gold value or their collectable value? Does anybody know whatever the couple from CA. ended up paying based on what?

And I totally agree.... If anyone did find such a cache THEY NEED TO KEEP THEIR MOUTH SHUT and sell off the coins one at a time. Since I've never sold a gold coin (except 1 1849 $1.00 to a private dealer) is there a tax if some were auctioned?

In my opinion, They pay taxes based on a capital gain (increase in value from your cost basis).

It's a very sticky situation when you find a large bunch of coins. If you say you inherited them from your dead relative, they would have been listed on the estate inventory when the will is probated. A large, rare collection like the couple found in California is worth many times more than melt value. SO for them to be able to sell them, they had to prove where they came from (provenance to establish ownership).

Wayne