topic I inherited silver coins and sold some in 2020. I did not receive a 1099-B. Where do I report this? in Get your taxes done using TurboTax

I inherited silver coins and sold some in 2020. I did not receive a 1099-B. Where do I report this?

fisherdng — Fri, 05 Mar 2021 20:23:31 GMT

Re: I inherited silver coins and sold some in 2020. I did not receive a 1099-B. Where do I report...

RayW7 — Fri, 05 Mar 2021 20:48:50 GMT

There is no tax if you inherit coins or receive coins as a gift from blood relatives, but when you sell it, you are liable to pay capital gains tax in case of profits.

No taxable even will occur until you sell the coins. The basis for the value of the coins will be the fair market value at the time the deceased passed.

Re: I inherited silver coins and sold some in 2020. I did not receive a 1099-B. Where do I report...

fanfare — Fri, 05 Mar 2021 21:12:14 GMT

your generous benefactor does not have to be a blood-relative.

@fisherdng

"I did not receive a 1099-B."

Isn't that the whole point of holding gold and silver coins or bullion?

Re: I inherited silver coins and sold some in 2020. I did not receive a 1099-B. Where do I report this?

Archery1232 — Thu, 18 Mar 2021 19:59:22 GMT

Where do I report the sale of Silver on Turbo Tax Deluxe

Re: I inherited silver coins and sold some in 2020. I did not receive a 1099-B. Where do I report...

PattiF — Thu, 18 Mar 2021 20:28:27 GMT

You would report this in the income section and it will be transferred to the schedule B.

Go to Investment Income

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Did you get a 1099-B or a brokerage statement for these sales? Select No
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