Coins

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  • mrbill
    Member
    • Feb 2009
    • 80
    #1

    Coins

    Looking for a Tax Preparer who has experience with coins. Client has approx. $400K in rare coins and is interested in selling / assigning to adult children. Lives in Boston area. Thanks,
    Tags: None
    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2320
      #2
      What exactly are you wanting to know?

      Have the coins significantly increased (or decreased) in value since he bought them? I have no idea what the age or health of the client is, but keep in mind that if/when the client dies, there is a step-up (or step-down) in Basis.

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        • Dude
          Senior Member
          • Dec 2018
          • 360
          #3
          My first step would be to find a reliable, licensed appraiser. Lining one up now will help you avoid an overcharge and/or last minute hassle.
          "Dude, you are correct" Rapid Robert

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            • ATSMAN
              Senior Member
              • Jul 2013
              • 2415
              #4
              Client has approx. $400K in rare coins and is interested in selling / assigning to adult children
              I had a client with stamp collection that wanted to deduct the loss for selling to family member. Obviously you can't deduct any loss because of sale to a close relative.
              Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

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