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bizmatters
bizmatters, Attorney
Category: Tax
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Experience:  Licensed Practicing Attorney
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i received 20000 in silver that i sold to a coin company, in

Customer Question

i received 20000 in silver that i sold to a coin company, in turn they gave me a 1099 for taxes, since this was an inheritance......do i have to pay taxes on this?
Submitted: 4 years ago.
Category: Tax
Expert:  bizmatters replied 4 years ago.

DearCustomer

 

As an inheritance, you owe no tax on the inheritance itself.

 

However, on the sale of your inheritance (silver), you may incur a capital gain.

 

The silver should be valued at its Fair Market Value as of the decedent's date of death. (or other appraised value as of the date of death).

 

If you sold the silver for more than its FMV as of the date of death, then there will be a capital gain. You would have to pay taxes on the capital gain.

 

Capital gains = sale price - Adjusted cost basis.

 

the adjusted cost basis for this would be the FMV as of the date of death + cost of brokerage fees + cost of selling.

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