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,
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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. -
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
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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.Client has approx. $400K in rare coins and is interested in selling / assigning to adult childrenTaxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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