pk
Level 15
Level 15

Other financial discussions

@MCD9861 , in that case  ( i.e. you want to gift  the bars  for Christmas ), just ignore  all other consideration  and put these under the tree. Their basis ( for  Cap gain/loss purposes  and in the distant future ) would be the same as yours, which is  Fair Market Value  when you received  these as gift  ---  You can use  KitCo, JMBullion, Yahoo etc. for  spot gold price  around thew time your friend  bought  ( or failing that, when you  the gift ) the  1 oz. bars.  All you are trying to do is "best effort" determination.    Note that depending on circumstances  and/or desires, people often convert the bars to Jewlery  and the ignore the basis, because they never intend to sell the  bars.   Others ignore everything and  hold the item till passing on to his/her progeny as gift.  It is not worth worrying about because the  future  is so uncertain.

That is my view on this.

 

Is there more I can do for you ?

 

Merry Christmas

 

pk