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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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My 90 year oldmother has some silver that we didn't know about.

Customer Question

My 90 year oldmother has some silver that we didn't know about. She lives off of social security and has not filed an income tax return for years. If she sells it for market price right now, will she be charged a capital gains tax? If so, what would the percentage be that she would be charged?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.
Hi and welcome to our site!
If her assets would be sold - depending on total proceeds - she might need to file the tax return.
On the tax return - she will calculate her gain - and that gain might be taxable.
The tax percentage will be based her total taxable income.
The first step is to determine the basis - if assets were purchased - the basis is the original purchase price.
Let me know if assets were acquired differently - as gift or inheritance or other way.
Please consider following examples.
Assuming the silver was purchase for $1000 and sold for $10,000
Assuming her only other income - from social security benefits - $20,000
In this case - she is NOT required to file her tax return and none of her gain woudl be taxable.
.
Another example...
Assuming the silver was purchase for $5000 and sold for $15,000
Assuming her only other income - from social security benefits - $20,000
In this case - she would be required to file her tax return but she will not have any tax liability.
.
If her gain is much larger - you will have taxable income.
To estimate we woudl need to know
- her purchase price
- selling price
- her social security benefits
Let me know if you need any help/
I am here to help you will all tax related issues.

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