Announcement

Collapse
No announcement yet.

Coins

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    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,

    #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.

    Comment


      #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.

      Comment


        #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

        Comment

        Working...
        X