Hello,
My grandparents (still alive) are cleaning out their basement and gave me their coin collection back in 2021 (There is no document of this, it was just brought to my house) to be divided amongst 5 grandkids.
All 5 grandkids agreed to sell the coin collection and divide the money amongst us equally. My husband and I just sold the collection for ~$37k. I'm trying to figure out how I account for any applicable taxes so I can send out checks. I don't want to hold onto this money for a year until tax season in 2025 if possible.
We have receipts for a lot of the big ticket coins and it looks like we sold it mostly at a loss. For example, there were some golden eagle gold coins that my grandpa purchased for $2800 that we sold for $2054. I believe $2800 would be our cost basis? And there were a lot of smaller value coins that we don't have any record of. Most of the value came from the value of the precious metals and not the actual coin value.
I understand from doing some research that sometimes it matters what my grandpa originally paid for the coins, sometimes it matters what the value was when it was gifted to us, and some suggestions were just to pay the 28% capital gains at the time of sale to cover yourself.
I also understand that the gift limit is $18k in 2024, but since this was gifted to us years ago and it is going to be divided by 5 grandkids, I'm at a loss as to how to go about doing this.
Thank you all in advance for any advice you can provide!
