Is there a step-up in gold cost basis?

[dualstow]

U.S. tax question here.

If an heir receives gold coins from an estate, is the cost basis stepped up as it is with stocks, or is it completely different?
I imagine many an heir has no idea how much the coins cost on the date of purchase.

[ochotona]

U.S. tax question here.

If an heir receives gold coins from an estate, is the cost basis stepped up as it is with stocks, or is it completely different?
I imagine many an heir has no idea how much the coins cost on the date of purchase.

I believe there is a step-up in basis for ANY asset class... the heirs can elect to take the value at death of the grantor, or six months later, whichever is better for them.

[dualstow]

Cool, thank you!

[Libertarian666]

The step-up in basis applies to almost all inherited assets.
Not to annuities though, IIRC.

[Libertarian666]

U.S. tax question here.

If an heir receives gold coins from an estate, is the cost basis stepped up as it is with stocks, or is it completely different?
I imagine many an heir has no idea how much the coins cost on the date of purchase.

50,100 year bonds? Why not just 50,000 years?

[dualstow]

Is that second reply for a different thread?
oh, it’s my sig. i’ll fix it.