$7.4 Million Gold Inheritance!!

My kind of guy! Boy I would love to roll around in that collection.

True. But all being said and done I dont think I would complain too much!

I'll pay the taxes anytime someone wants to leave me $7 million in coins. I'd even pay a little extra.

I hope she is smart enough to send the coins to PCGS, have them graded and slabbed. Sending in that much would give her the ability to name the collection/hoard. Auction off some to pay the taxes and cost of grading and see what happens to the others.

Heck, that's only 11%. Chances are most of us pay a higher tax rate.

I'm still wondering why this report has shown up as "news"? The guy died and this was originally reported back on Sept 17th. Why has it turned up again?

There is currently a large exclusion on the portion of the estate that taxes are owed on & 50% or more rate on everything over that amount.

I can see both sides of the estate tax issue. It is a bummer for the government to get a chunk. On the other hand, if the deceased had sold off their assets prior to dieing they would have owed tax on their gain. The heirs basis for tax purposes is the value of the inheritance. They will only pay tax on any gain after they inherit.

Here's an example. If the deceased bought an ounce of gold in 1960 for $30 it would now have a value of $1690, a gain of $1660 that hasn't ever been taxed. When the heirs get that ounce their cost basis is $1690 & they will only be taxed on the amount over that if/when they sell.