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What are all of the tax consequences of selling silver coins
Selling silver
Selling precious metals is a capital gain, except that the gain is taxed as ordinary income, you don't get the lower capital gains rates.
Your gain is the difference between your selling price and your purchase price. If you received the silver as a gift, your cost basis is what the giver paid. If you inherited the silver, your basis is the fair market value on the day the previous owner died. If you don't know your basis, make the best effort you can to estimate it and document your reasons. If you are audited and you can't show a reasonable cost basis, the IRS can assign a basis and recalculate your taxable gain.
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