How Do I Sell My Inherited Gold?
An inheritance of precious metal coins is an excellent way to diversify your investment portfolio, but beware that you could incur capital gains taxes if you decide to sell them in the future.
To reduce your tax bill, be sure to follow these tips:
Get an Appraisal
Whenever it comes to inheriting precious metals such as gold coins, the initial step should always be getting them appraised. This is essential since coin values depend heavily on factors like weight and purity.
Storage of precious metals should also be done securely to guard them against damage or theft, while working with pressured gold buyers is generally not advised as these individuals often offer less than market price for your metal.
Search Rochester or Novi for a trustworthy in-store dealer that can provide an accurate appraisal and fair deal, like AU Precious Metals; our industry experience combined with excellent customer service will guarantee an incredible buying experience!
Store It Safely
Gold coins can be an incredible boon, but to protect your investment it is essential that they are appraised by a reputable coin dealer, evaluated, decided upon their disposition (sell/keep/store etc), and stored safely.
Many are tempted to quickly liquidate inherited precious metals, but doing so may result in selling them at prices far below their true worth. Instead, take your time and shop around until you find suitable buyers for both gold and silver.
One option for storing gold securely and discreetly is storing it in a floor safe. However, this may not be suitable for renters or those planning on moving in the near future, and concealing gold in plain sight makes it more susceptible to theft or loss. Many investors opt to diversify their storage locations to decrease risks related to loss or theft at one particular site.
Sell It to a Reputable Dealer
As inheriting precious metals can be both exhilarating and confusing, it’s wise to work with an experienced dealer when selling off assets for cash.
Avoid cash for gold businesses offering flat rates for your precious metals as these buyers could under-value your items and may prey upon people with little knowledge of this industry.
Local pawn shops may also provide an option, though these tend to lack the resources and expertise necessary to accurately evaluate your coins or bars and give you an optimal price. Instead, look for an in-store gold dealer like AU Precious Metals which offers an easy selling process and can keep up to date on daily Gold spot price through an app – this way you know exactly how much your assets are worth and can shop around to maximize returns.
Get a Tax Receipt
As inheriting physical gold coins or precious metals is an excellent investment opportunity, it is crucial that the applicable tax rules are understood – as these may differ significantly from those that apply when earning income such as hourly wages or salaries.
Under current income tax rules, any gold you inherit or receive as a gift may be considered capital assets and you may need to pay long-term capital gains (LTCG) or short-term capital gains (STCG) taxes depending on how long you hold onto it for.
As soon as you decide whether or not to sell or store inherited gold in a safe, it is wise to seek professional advice in order to understand all applicable tax rules and maximize profits while minimizing liability. When selling, be sure to get an accurate evaluation from a reputable dealer offering free appraisals; this will ensure you receive fair cash value for your coins.