@LoveBug71 wrote:
Her death was April of this year. She bought them a few years ago though from what we can tell. Just for their silver content.
So, the tax form would ask me
1. How much we received from the coin sale
2. How many ounces of silver 🤔
If you are doing your taxes by hand, the assets are listed individually on form 8949, then the total gains and losses cary over to schedule D.
https://www.irs.gov/forms-pubs/about-form-8949
You need to provide
- a description (silver coins)
- date acquired by you (you will write "inherited")
- date sold
- sales proceeds
- cost or other basis (this is where you enter the value on the date she died).
But Turbotax will do all this for you except calculate the value of the asset on the day she died.
Unfortunately, silver prices were in slump for much of 2020. The value in April was around $15 per ounce, and the value in November-December has been around $24 an ounce.
https://www.usagold.com/reference/prices/silverhistory.php
If you use the date you sold the coins and that day's price, you can calculate the weight, then calculate the value on the day she died from the weight and that day's price.
