A deceased family member gifted some physical gold to us: bars, coins, etc. We are unable to find any record of the purchase of these other than maybe credit card transactions but those would be difficult/impossible to source. When we sell them, what are our tax implications? These were bought when gold was still quite a bit lower than it is today.
1: Are we going to be subjected to capital gains tax? If so, at what rate and what amount will be taxed? We acquired them for basically no cost so are we going to be taxed on the gains from $0 (since we were gifted these) to the current sell price ($1723/ounce) or how does all of that work?
2: Since these were given to us before this family member died, are they considered a gift/inheritance and there's no inheritance/gift tax?
3: Even if there is no inheritance/gift tax, will these have to be reported as income?
I'm not a tax professional and there's a LOT of information to sort through on here so I appreciate any direction that one of you might provide. We are in Texas by the way.
