How Do I Sell My Inherited Gold?
As inheriting precious metals can be stressful, it is essential that they be professionally appraised so that you know their exact cash value. A reliable appraiser should assess them so you know the true cash value of your assets.
Next, decide whether to hold onto them or sell them off for cash based on your current needs and long-term investment goals. The most suitable decision will depend on you personally.
Assessing the Value and Authenticity of the Gold
If you have recently acquired gold coins, the first step you should take should be having them appraised by a reliable precious metals dealer. They may possess additional numismatic value beyond just gold content; thus it is imperative that you understand this before trying to sell them off.
When selling them, any gains in value above what was initially paid are taxed as capital gains.
Be wary when bringing in your inherited gold to online or local dealers to avoid losing more than you should owe. There are numerous faceless pawn shops and private buyers who engage in precious metals fraud, leaving their clients with less than they deserved. Instead, opt for taking your gold to a reliable local coin shop or auction house who can give an accurate appraisal and can test its authenticity using acid tests if necessary.
Keeping It Safe
Gold assets inherited by family can be safely stored using various strategies. A bank deposit box offers one option, although this poses some risks: access is restricted during bank opening hours and emergency situations may prevent retrieving precious metals.
One option for safely storing inherited gold is keeping it at home in a safe. If this is your choice, make sure no more than one confidant knows where the bullion is kept to reduce any risk of theft.
If you decide to sell your gold coins, it is essential that you work with an experienced and reputable coin dealer. Avoid cash for gold businesses which often provide less than their true worth; shop around instead in order to secure the best possible price for them. Scottsdale Bullion & Coin offers free appraisal and cash offers on their gold.
Liquidating gold may be accomplished via various strategies. Selling it directly for cash may be one option or using its proceeds to invest in stocks or other assets may be another. Which choice you ultimately select will depend on your current needs and long-term investment goals.
No matter the product or service you’re after, it is crucial that you shop around to secure the best price. Don’t settle for the first buyer who offers you an instantaneous deal; rather look for one with a high reputation and thorough evaluation process.
Before selling your inherited gold, it is a smart move to first test its purity. One way is by placing the item near a flame; real gold will glow brighter while fake metal turns darker when heated – knowing this beforehand can prevent you from being taken advantage of by dishonest sellers and ensure you receive maximum revenue from selling your precious metals.
Reporting It to the IRS
Gold and other precious metals do not automatically incur inheritance taxes when passed down to their heirs, although if sold, some or all of the additional earnings could become subject to inheritance tax liability depending on circumstances and appraised fair market values at appraisal time.
Any gold owner must keep accurate records of their purchases, such as weight, purity and serial numbers of pieces they own – this information can help them assess any capital gains taxes they might owe in case they decide to sell the gold they possess.
Beneficiaries should carefully consider their financial goals when making the decision to sell inherited gold, taking steps as described herein in order to maximize its potential while safeguarding any legacy or sentimental value associated with their precious metal assets.