@MCD9861 , just to be sure let's clarify a few things :
(a) since the gift by each donor to each donee is under the free limit for 2024 (( US$ 18,000 per donor per donee per year ), you, the donor, do not file a form 709 and therefore there is no impact on your lifetime Gift / GST credit.
(b) The recipient's basis on the gift is the same as yours ( i.e. the acquisition cost of the asset gifted to you by your friend) for 2020 it was around US$1773, for 2021 around 1799, for 2022 around 1800 etc.
(c) There is no formal document ( other than receipt from the purchase) showing the basis of the gift. Also note that there is always some charges/ commission (above the spot price and a percentage or flat fee ) when one purchases gold.
(d) Thus, and in the absence of documentation , all one can do is use spot plus general commission charged as the basis for the gift.
Is there more I can do for you ?
