@willbaker001
for purposes of computing gain from the transaction ( sale of gold coins), gain is the difference between "Basis" in the asset and the "sales proceeds" (Sales Price LESS any associated costs such as commission and paid by the seller ). Then
(a) for a gift ( i.e. transfer of ownership while the donor is alive), the basis of the asset is the same as that of the donor. Thus in your case it would be whatever the donor paid for the asset/coins.
(b) for an inheritance ( i.e. a transfer of ownership post the passing of the donor/decedent), basis is the FMV ( Fair Market Value ) at the time of passing of the decedent. Thus if one sells coins received as part of inheritance, there is no gain or loss.
(c) in case of a gift, the holding period ( for determining long or short term ), is the sum of donor's and donee's total holding period. Thus if the donor had bought the coins a couple of years ago, then your holding period is couple of years plus till the date of sale. This is now long term holding.
(d) Gains on long-term assets when disposed is given capital tax treatment.
See this page for details of capital gains tax rate --->> Topic no. 409, Capital gains and losses | Internal Revenue Service
Note that depending on the value of the gift ( not basis ) a donor may have to file form 709
Is there more I can do for you ?
