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 Replies: 18 / Views: 925 |
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Pillar of the Community
United States
5205 Posts |
I guess no one has every heard of "This note is legal tender for all debt, public or private"
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Moderator
 United States
187950 Posts |
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"This note is legal tender for all debt, public or private" That does not mean what you think it means.  |
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Pillar of the Community
United States
2049 Posts |
What if PMs were a gift and you decide to sell them? Does that mean they expect people to use a $0.00 cost basis?
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Moderator
United States
187950 Posts |
I believe the cost basis is the FMV when it is received.  |
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Pillar of the Community
United States
2049 Posts |
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I believe the cost basis is the FMV when it is received. Well then darn my relatives for giving me silver when it was close to $120/ounce! |
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Moderator
United States
187950 Posts |
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Well then darn my relatives for giving me silver when it was close to $120/ounce! But if you sell it for less, it is a write-off.  I am not sure if that is how it really works, so I urge you to consult a professional before doing anything. |
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Pillar of the Community
United States
1374 Posts |
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I believe the cost basis is the FMV when it is received. My understanding is that a "step up" basis to FMV is only when you receive the metal (or other capital asset) as an inheritance from someone who has passed away. If you receive it as gift from a living person, then you "inherit" their cost basis as well and there is no "step up".  Edited by BadDog
02/17/2026 05:49 am
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Moderator
United States
187950 Posts |
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If you receive it as gift from a living person, then you "inherit" their cost basis as well and there is no "step up". Makes sense to me.  |
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Valued Member
United States
311 Posts |
I would expect this to be the way it is to prevent everybody from gifting stuff back and forth to avoid taxes.
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Moderator
 United States
54280 Posts |
How often do you think people that receive a gift ask what the giver's basis might be?
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Moderator
United States
187950 Posts |
Almost never.   |
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Pillar of the Community
United States
1374 Posts |
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Almost never. Probably true, and usually you never have to worry about how much the sweater you got last Christmas cost. But, when it comes to gifts that are capital assets that may eventually be sold, you can't determine an accurate adjusted basis without it. If anyone is really interested in this, here's a link to a good discussion about the capital gains tax rules on gifts - https://legalclarity.org/what-are-t...es-on-gifts/Edited by BadDog
02/19/2026 6:21 pm
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Pillar of the Community
 United States
6483 Posts |
I had to do this after college with some stocks that my grandfather gave me. No basis transferred between the accounts. It was not a fun process.
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Pillar of the Community
United States
5177 Posts |
In my opinion, physical gold and silver are insurance for when SHTF. Not for trading. If you wanna trade, I think PSLV and SLV are better vehicles.
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Moderator
United States
187950 Posts |
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Replies: 18 / Views: 925 |
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Posted 02/16/2026 12:47 pm
