Retroactive appraisal?

#1 08-01-2003, 10:35 PM

Arthur L. Rubin wrote:
- quote -

> Harlan Lunsford wrote:
> > Arthur L. Rubin wrote:

> > > My wife received, a few years ago, a coin collection as a
> > > gift from her mother, who had inherited it from HER mother.
> > > If we sell, the basis is obviously the value on the date of
> > > death (assuming, as is reasonable, that coin collections
> > > normally increase in value). How can we establish that
> > > basis? The estate was too small for any estate tax returns
> > > to be filed,
> > > > > If a retrotractive appraisal is required, can anyone
> > > recommend a coin dealer near Brea, CA (92821) who can do it?
> > > The collection has 469 nickles and dimes, originally
> > > collected from circulation, with dates ranging from 1893 to
> > > 1916.
> > > > > And, I know the gain would be 28% gain. I still expect to
> > > be in the 25% tax bracket, so I'd have to avoid realizing
> > > ordinary capital gains (or dividends) in the year of sale,
> > > if they're actually worth something.

> > Basis for measuring gain or loss is fair market value on
> > date of death, as you know. What was the date of death?,
> > and how many nickles and how many dimes?

> I'd have to look up the date of death; and whether m-i-l
> inherited it from her mother (which would have been 1980 or
> so) or her brother (1988).
> 332 Liberty Nickels and 137 Liberty Dimes.

Just to establish my bona fides, I recently looked up
current coin prices and compared them to 1983 prices. I
would have thought the increase would have been much more,
but in the main, about double.

perhaps then we ought to be communicating via private email.

That is IF you can figure out my current email address!

Cheer$,
Harlan Lunsford, EA and numismaticist in LA
(also a philatelist; and make SURE you spell and pronounce that right)

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07-31-2003, 10:10 PM

Harlan Lunsford wrote:
- quote -

> Arthur L. Rubin wrote:

> > My wife received, a few years ago, a coin collection as a
> > gift from her mother, who had inherited it from HER mother.
> > If we sell, the basis is obviously the value on the date of
> > death (assuming, as is reasonable, that coin collections
> > normally increase in value). How can we establish that
> > basis? The estate was too small for any estate tax returns
> > to be filed,
> > > If a retrotractive appraisal is required, can anyone
> > recommend a coin dealer near Brea, CA (92821) who can do it?
> > The collection has 469 nickles and dimes, originally
> > collected from circulation, with dates ranging from 1893 to
> > 1916.
> > > And, I know the gain would be 28% gain. I still expect to
> > be in the 25% tax bracket, so I'd have to avoid realizing
> > ordinary capital gains (or dividends) in the year of sale,
> > if they're actually worth something.

> Basis for measuring gain or loss is fair market value on
> date of death, as you know. What was the date of death?,
> and how many nickles and how many dimes?

I'd have to look up the date of death; and whether m-i-l
inherited it from her mother (which would have been 1980 or
so) or her brother (1988).

332 Liberty Nickels and 137 Liberty Dimes.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 07-30-2003, 07:38 PM

My wife received, a few years ago, a coin collection as a
gift from her mother, who had inherited it from HER mother.
If we sell, the basis is obviously the value on the date of
death (assuming, as is reasonable, that coin collections
normally increase in value). How can we establish that
basis? The estate was too small for any estate tax returns
to be filed,

If a retrotractive appraisal is required, can anyone
recommend a coin dealer near Brea, CA (92821) who can do it?
The collection has 469 nickles and dimes, originally
collected from circulation, with dates ranging from 1893 to
1916.

And, I know the gain would be 28% gain. I still expect to
be in the 25% tax bracket, so I'd have to avoid realizing
ordinary capital gains (or dividends) in the year of sale,
if they're actually worth something.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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