How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask R. Klein, EA Your Own Question
R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
63817126
Type Your Capital Gains and Losses Question Here...
R. Klein, EA is online now
A new question is answered every 9 seconds

Per 1221 - Capital asset defined, (a)(3)(), is a zero basis

Customer Question

Per 1221 - Capital asset defined, (a)(3)(B), is a zero basis donated collection of old US coins not a capital asset because the individual coins had been produced by the US for use by the general public, of which the current taxpayer is now a member?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

Old coins would be considered a capital asset and would be taxed as a collectible.