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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
In this case - she is NOT required to file her tax return and none of her gain woudl be taxable.
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.