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 Replies: 155 / Views: 23,178 |
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Valued Member
 United States
104 Posts |
Edited by Narrowback44
04/21/2018 4:10 pm
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Pillar of the Community
United States
1882 Posts |
Quote:You need to be careful since your basis for tax purposes is $0 since it's an inherited collection. Just something to keep in mind. The basis is stepped up on an inheritance. |
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Pillar of the Community
United States
4469 Posts |
1) VF
2) F
3) G
4) VG
5) need better photo
6) MS62
7) MS63
8) MS62 Roller marks over ear
86) XF Details rim damage
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Pillar of the Community
United States
992 Posts |
If inherited, your basis is 'zero' on the date of death of the original owner. It's called the 'Angel of Death' rule, and is the opposite of tax policy if the original owner was alive and selling his goods. You are, however, liable for capital gains on the goods when you sell. over and above their value at time of prior death. So, if you inherit a collection or a car, say, worth $10,000, your basis as heir is $10,000, and there is no tax on that. Should you sell, for say, $11,000, your tax basis is $10,000 and you have a profit of $1,000 to be ostensibly taxed as a capital gain. There are short-term and long-term gains, with different rates. It's usually best to keep inherited property for one year before selling, for the lower rates. |
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Valued Member
United States
104 Posts |
Slider thanks as always!!
That last coin was wondering about the tone? real fake? paint?
Will take another asap. Get some WLH today.
Paxbrit...Thanks don't think much of it going to be sold(1/5 Maybe)....but still great to hear. There are places in BK.
Edited by Narrowback44
04/22/2018 2:36 pm
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Pillar of the Community
United States
4469 Posts |
The toning on the 86 looks crusty and orginal. The only negative that I see is the rim ding. If you think there is something on top of the surface like PVC, a soak in acetone would remove the contaminat. I have seen PVC on a coin that looked like toning. PVC can be in the plastic coin flips. Acetone will not remove toning, but will remove PVC.
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Pillar of the Community
United States
1882 Posts |
Quote:So, if you inherit a collection or a car, say, worth $10,000, your basis as heir is $10,000, and there is no tax on that. Should you sell, for say, $11,000, your tax basis is $10,000 and you have a profit of $1,000 to be ostensibly taxed as a capital gain. There are short-term and long-term gains, with different rates. It's usually best to keep inherited property for one year before selling, for the lower rates. What you are describing here not a zero basis. If the decedent had a basis less than $10,000 in that car, it gets stepped up to $10,000 for the heir. Also, since you mentioned the holding period...except for certain situations for decedents who died in 2010, the holding period is automatically treated as a long-term capital gain, no matter how long (or short) the heir holds the property before selling. Narrowback44, hopefully your family is working with a tax professional and/or attorney to make sure this is all handled properly. To avoid hijacking your thread, I won't say anything more about this topic. It is quite an impressive collection! |
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Valued Member
United States
104 Posts |
Pulled 8 more. down to 4 two 1918 and two nice from the 40's.
Nothing special pics tomorrow.
When it comes to taxes, they'll get theirs, always do. We have Estate planners.
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Pillar of the Community
United States
8137 Posts |
Looks like you inherited quite a nice collection!  I think all of us would like to have your "problem"  |
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Valued Member
United States
104 Posts |
If you have a good year morgan say a 1878 CC but its in F maybe G condition is it ever worth cleaning? Will post pics if necessary.
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Pillar of the Community
United States
4469 Posts |
Quote:
If you have a good year morgan say a 1878 CC but its in F maybe G condition is it ever worth cleaning? The short answer is no. You can soak in Acetone if you want. You should never rub or wipe a coin to clean as it will leave hairline scratches. The experts use a process called coin conservation to remove harmful and unwanted surface contaminants. Conservation does not leave hairline scratches on a coin. If you had a coin that was valuable and had unwanted surface contaminants that a soak in Acetone would not resolve, it may be worth to send the coin into NCS or PCGS for conservation. |
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Valued Member
United States
104 Posts |
Thanks slider. Will post tomorrow. Its been soaked. Its well circulated, molded, deep scratched and stained.
Edited by Narrowback44
04/24/2018 12:12 am
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Bedrock of the Community
United States
10047 Posts |
Quote:
If you had a coin that was valuable and had unwanted surface contaminants that a soak in Acetone would not resolve, it may be worth to send the coin into NCS or PCGS for conservation. Before sending them your hard earned cash, you may want to try what our own CCF member, who developed and sells verdicare, suggests. BadThad has posted before a list of solvents to try. His order is water, acetone, then xylene. Of course these are done one at a time and over a period of time with rinsing between. If one of these solvents does not work, and you do not want to practice on non-valuable coins using things like MS70 and Ezest (Q-tip works for spots), the you could see if the slabbing companies could do it. I also find if its just foreign matter on the surface, I can soak with one of the above and then use a microscope and porcupine needle ( ebay - very inexpensive) to flake off the gunk that the solvent had worked on. The porcy needle is much finer than a toothpick and I have yet to scratch a coin with the needle itself. You have to be careful, like with a toothpick, you don't push around a piece of the gunk on the coin with the needle/toothpick though as that may scratch it depending on the gunk. |
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Valued Member
United States
104 Posts |
Found these on file, Will take better in AM.   |
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Bedrock of the Community
United States
12477 Posts |
Better pics will definitely be needed.  In Memory of Crazyb0 12-26-1951 to 7-27-2020
In Memory of Tootallious 3-31-1964 to 4-15-2020
In Memory of T-BOP 10-12-1949 to 1-19-2024
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Replies: 155 / Views: 23,178 |
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Posted 04/20/2018 9:34 pm
