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Get your taxes done using TurboTax
This IRS website states:
To determine if the sale of inherited property is taxable, you must first determine your basis in the property. The basis of property inherited from a decedent is generally one of the following:
- The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return)).
- The FMV of the property on the alternate valuation date, but only if the executor of the estate files an estate tax return (Form 706) and elects to use the alternate valuation on that return. See the Instructions for Form 706.
For information on the FMV of inherited property on the date of the decedent’s death, contact the executor of the decedent’s estate. Also, note that in 2015, Congress passed a new law that, in certain circumstances, requires the recipient’s basis in certain inherited property to be consistent with the value of the property as finally determined for Federal estate tax purposes.
The receipt of the gold coins was a gift to you and no income would be reported.
The sale of the gold coins would be reported on Form 8949 / Schedule D as the sale of an investment asset. The basis of the gold coins would be determined per the IRS website above. Report sale in TurboTax Online as follows:
- Go to Federal / Wages & Income / Your income / Investments and Savings.
- Click Start / Revisit to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
- Click Add investments.
- At the screen Let's import your tax info, click Enter a different way.
- Click on Stocks, Bonds, Mutual Funds. Continue.
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