I very much appreciate your taking the time to respond, but I still have the same question. Thank you very much for your time!
I don’t know how to establish the cost basis because my friend gave me these two bars of gold in 2022. He put them in my hand and said, “Here, these are for you.” I have no paperwork and he died 18 months later, so I can’t ask him for any receipts.
I would like to wrap these for Christmas and give them to my son and daughter as a gift. They are young adult adults and I don’t want them to have to wait another 0 to 30 years for me to die before they can use them.
What I was trying to learn is how I can establish the cost basis so that when they sell their gold at a time that is most useful to them, they will only pay capital gains on the actual gain from the time it was given to me. Based on your answer, maybe that doesn’t even matter?
I think you are trying to help me understand that they can each sell their one ounce as long as the payout is under the amount that the gold buying company is required to report (I think that is currently $10,000 or less). I’m reading that hold is predicted to go up around $3000 per ounce in 2025. At that price and because they are so young, I guess if I give them this gold, they will both sell LONG before it could ever reach near $10,000.
Is that all I need to know?
Thank you!!!
