How Do I Sell My Inherited Gold?
No matter if you want to sell gold bullion and coins for cash or replace it in your precious metals portfolio, finding a reliable buyer is paramount. Additionally, understanding any possible tax implications when inheriting them is also essential.
Gold and precious metals inheriting as inheritance are subject to an increase in tax value for taxation purposes, yet will incur capital gains taxes upon being sold.
Sell Coins
As with any investment, gold and other precious metals may appreciate in value over time; if this occurs, your heirs will need to pay capital gains taxes when selling the precious metal inheritance as part of a capital gains tax liability.
As an investor, one way to sidestep these taxes is to invest your inherited gold in a self-directed IRA or SEP-IRA and defer paying the taxes until selling your precious metals for cash.
If you’re hoping to sell coins that were left to you from relatives, it is wise to work with an established and reliable coin dealer. By doing so, you can avoid potential scams associated with local pawnshops or jewelry stores; always do research beforehand by gathering personal referrals, Yelp reviews or Google ratings about prospective gold buyers so as to ensure an honest assessment and smooth transaction.
Sell Bars
People sell gold for various reasons. Selling their pieces may help them cover closing costs on a home purchase or tuition expenses for their children; or it may just provide extra spending cash. Whatever the motivation may be, it’s essential that they know what their pieces are worth before selling them off.
Kate Mars from Arlington, Virginia states that when selling her father’s coin collection and jewelry, it was imperative for her to find a dealer with integrity who offered fair pricing. After conducting extensive research she relied on recommendations from friends.
She advises avoiding pawn shops, which typically offer lower prices than reputable bullion dealers. Also, before selling items it’s worth putting forth extra effort into securing the highest possible price; online sales require free and insured shipping options as well.
Sell Bullion
Selling gold bullion requires taking an approach tailored to large volumes. When selling bullion in large amounts, it is essential to find a trustworthy buyer that provides transparency and fair prices; be wary of pawn shops or peer-to-peer sales as these may not offer adequate prices for your precious metals.
Use an online calculator to estimate how much your gold is worth; this will enable you to evaluate whether or not the dealer you’re dealing with is providing fair pricing.
Always keep in mind that if you pass physical precious metals to your heirs after your death, they may qualify for long-term capital gain treatment. Therefore, before transferring assets, it would be prudent to consult an estate attorney or precious metals specialist in order to ensure an orderly transfer with minimal tax implications and liability. In an ideal world, your heirs could set up a trust to hold onto these assets during your lifetime without incurring taxes upon sale.
Sell Jewelry
Many households possess gold jewelry they no longer wear that could easily be converted to cash. Unlike coins or bars, jewelry typically fetches a higher price when sold as finished pieces rather than scrap metal; its intrinsic value increases even further when from popular designer brands like Tiffany, Cartier, Chanel or Gucci.
Your jewelry can be sold through local pawn shops, jewelers and “We Buy Gold” companies; alternatively you could list it online using Ebay to reach a global market. When selling online be wary; some buyers may be less than honest and may take your valuables without giving you their due consideration.
If meeting an unknown buyer in public for safety purposes, an alternative option would be an online consignment shop such as IDoNowIDont which specializes in diamond engagement rings and wedding bands and accepts jewelry to be sent directly into them for verification and holding before charging a sales commission fee.
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