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Is there a step-up in gold cost basis?
Posted: Tue Sep 03, 2019 10:02 am
by 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.
Re: Is there a step-up in gold cost basis?
Posted: Tue Sep 03, 2019 10:09 am
by ochotona
dualstow wrote: ↑Tue Sep 03, 2019 10:02 am
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.
Re: Is there a step-up in gold cost basis?
Posted: Tue Sep 03, 2019 10:42 am
by dualstow
Cool, thank you!
Re: Is there a step-up in gold cost basis?
Posted: Tue Sep 03, 2019 7:15 pm
by Libertarian666
The step-up in basis applies to almost all inherited assets.
Not to annuities though, IIRC.
Re: Is there a step-up in gold cost basis?
Posted: Tue Sep 03, 2019 7:16 pm
by Libertarian666
dualstow wrote: ↑Tue Sep 03, 2019 10:02 am
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?
Re: Is there a step-up in gold cost basis?
Posted: Tue Sep 03, 2019 7:36 pm
by dualstow
Is that second reply for a different thread?
oh, it’s my sig.
i’ll fix it.