Taxes are due on any increase in the coins' value. The reality is that if it's a modest amount of money, most people will overlook it, and I can't imagine the government making a "federal case" about it. However, the taxes technically are due whether or not you wish to follow through.
If you give the coins to your grandchildren or children and keep the current value at under $13,000 a year per person, there will be no taxes due on the transaction. Once again, the children and grandchildren will be responsible for any increase in value over the value when the exchange took place. And if there are only a few coins staying in the family, I wouldn't lose a lot of sleep over it.
A number of coin buyers across the country would be very happy to purchase the sets.
However, they are going to offer you the wholesale value, which is appropriate given they will have to sell at retail to make a profit. You could also sell your coins on eBay or Craigslist. One problem is that you may have to meet the buyers, and that could expose you to being taken advantage of. Given the relatively small transaction, I would deal with a coin dealer who has been around for some time and enjoys a good reputation. Read More.
If you give the coins to your grandchildren or children and keep the current value at under $13,000 a year per person, there will be no taxes due on the transaction. Once again, the children and grandchildren will be responsible for any increase in value over the value when the exchange took place. And if there are only a few coins staying in the family, I wouldn't lose a lot of sleep over it.
A number of coin buyers across the country would be very happy to purchase the sets.
However, they are going to offer you the wholesale value, which is appropriate given they will have to sell at retail to make a profit. You could also sell your coins on eBay or Craigslist. One problem is that you may have to meet the buyers, and that could expose you to being taken advantage of. Given the relatively small transaction, I would deal with a coin dealer who has been around for some time and enjoys a good reputation. Read More.
