The Federal Gun Control Act imposes additional restrictions on certain weapons, including assault weapons, plastic guns, machine guns, armor piercing bullets and body armor. Accordingly, it may be best to specify that these types of assets will be sold or provide that a beneficiary may have the option to use his or her part of the estate to buy the asset from the estate at its appraised value. States have similar restrictions and some firearms that may not be covered or restricted by federal law, may be covered by state law. If the donor lives nearby, he or she could deliver it in person. If its deemed to be tangible personal property, then you can just gift it via a separate list, without the need for witnesses or a notary. Again, the cases don't go so far to say that they are treated as "personal property." So what if it says "like kind." For large amounts of gold, other delivery options will need to be explored, such as delivery directly to a dealer. Purchase gold coins, such as South African Krugerrands, Canadian Maple Leafs, or U.S. American Eagles. Please remove any contact information or personal data from your feedback. Not that it matters, because we have the "for purposes of" language in the ruling. And a judge might just be the one to do it. Things such as oil, gas, precious metals and standing timber are all part of the land. I tend to think an American gold coin, legal tender, like the OP's gold coin, is more akin to an appreciated stock than a painting. Under the appraisal method, an appraiser is hired to determine the true fair market value of a company's assets. ) or https:// means youve safely connected to the official website. So are ETFs that invest in gold bullion. Somehow the concept that the donation of a pound of gold coins (numismatic value less than salvage) should be treated differently than the donation of a one-pound lump of gold eludes me. And, I'm also smart enough to know that OP's client has a pretty good case to make some waves with this issue. ii. This is contrasted with intangible personal property, which includes stocks, bonds, and intellectual property like copyrights and patents. It just fleshed out the history of the cases and the facts, with a few observations here and there. South African Krugerrand coins are more akin to money than to coins that have value as collections items. Janet Berry-Johnson is a CPA with 10 years of experience in public accounting and writes about income taxes and small business accounting. I wish I had more time to give back to TA. Gold, silver, platinum, palladium, and coins The following coins and metals are not included in the definition of "collectible" under IRC Section 408 (m): Certain gold, silver, or platinum coins described in 31 USC Section 5112. Since the value of the coins is more than $5,000 and the donation is not based on the coins face amount but rather their precious metal value, the client must get a qualified appraisal. Intangible property. Tangible personal property is always depreciated . They are probably the bullion coins authorized by Reagan. Disclaimer -- Legal information is not legal advice. Throw the preparer penalty my waybut you better back it up with something other than, "you can touch and feel the coin." 2. Proper registration can require the new owner to obtain signature of chief law enforcement officers. The property type doesn't matter. I dont think youre going to find any relevant guidance on this issue other than the PLR. What you're trying to do, Dennis, is apply the OP's facts of "non-rare coins with no collector's value" to an RR that involves "rare coins and collector's value." Aircraft & Boats Transfer and ownership of aircraft is handled by the Federal Aviation Agency. When boats or cars are still subject to a lien, these items will need to be sold in order for the title to be transferred out of the decedents name. and substantial capital gains to go with them. However, many other physical assets, such as antiques and artworks, are not permitted within the accounts. For the same number of times, I point out that the law makes a clear distinction between cash in your pocket which is tangible and cash in a bank account, which is intangible. Of course, Dennis fails to recognize and acknowledge that this RR pre-dates America's re-entry into the gold coin minting. Providing for the equal distribution of tangible personal property among a group of beneficiaries in equal shares may be problematic when one or more items hold significantly more value than the other items. Also, thank you for the article you wrote, Chris. One option is to itemize such specific bequests in a Will. I see a charitable deduction here for 12 cents. And so far as the treatment of cash as tangible personal property note thatReg. The taxable amount is determined by factors such as fair market value and the items age. If your point is that the ruling is totally on point, to newly minted coins, and therefore, should be extended to newly minted coins, yet doesn't contemplate newly minted coins because there were no newly minted coins in existence at the time of the Ruling, then it's a safe bet the Ruling doesn't draw a conclusion on newly minted coins that are legal tenderbut only on "rare" coins that existed at the time of the Ruling and that were the subject of the Ruling. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Maybe OP should drop his coins into an entity and donate the stock. It also has securities that can be converted easily into cash. Trustee compensation should be specified. Note: You are using this website at your own risk, subject to our, http://www.aicpa.org/publications/taxadviser/2013/january/pages/clinic-story-07.aspx, http://www.taxalmanac.org/index.php/Discussion:Donation_of_Gold_Coins, Lacerte Professional Tax Preparation Software, Newsletter for Accounting & Tax Professionals. Gold prices have declined about 15% since they reached nearly $1,900/ounce last August and are known to be volatile as a rule. Logically, the donation should be treated like a donation of appreciated stockI'd treat it that way for deduction purposes, but I'd jump through all the appraisal hoops, reporting hoops, etc., as if it were tangible personalty instead. Everything he says is old and is already on the books. Possession of certain items are considered to be strict liability crimes that carry severe penalties. The largest gold ETF owns gold bullion worth about $70 billion. a) Held over one year. That, by the way is my position. I think everyone but Kenefick can hear the laughter. Foreign currency is not "money". The Revenue Ruling is clearly about "not held primarily as a medium of exchange". Tangible property is physical assets such as collectible coins, jewelry, military medals, stamps, antiques, savings bonds or other physical items. It qualifies for a 1031 exchange with gold bullion. I fail to see the logic in assuming the language "coins not held primarily as a medium of exchange" has relevance only to rare coins when that same language is widely used to apply to all precious metal coins. In comparison to intangible personal property, tangible property can be touched. Sec. If it is, the donors deduction is limited to the lesser of market value and cost basis except in the unlikely instance that the gift would be for related use. 2023 McNamee Hosea. Ways to Invest in Gold For those who are interested in life income, a gift annuity or charitable remainder unitrust are both reasonable alternatives to giving gold outright. An ounce of gold sells today for about five times what it sold for ten years ago. In most places there is a sales tax added to the purchase of your 12 cent dime. However, this is what your state, county or local municipality believes the value to be according to their data. The mere fact that there are cases wherein people have used these coins to make asset acquisitions bear it out: That these coins are circulating. If a young or disabled beneficiary is intended to inherit items of tangible personal property, including a provision that directs the items to be held as part of the beneficiarys trust may be the better solution, or held by a custodian until the beneficiary reaches the age of proper maturity. Tangible personal property is anything other than real property (land and building) that is used in the operations of a business or rental property. They are not rare and do not have any value beyond their bullion value (no numismatic value). The Regan era coins are tangible personal property that can included in the Estate of a Non-Resident Alien. This page was last modified on 22 March 2014, at 18:01. . The date the basis limitation was enacted seems more indicative of the fact that Congress, with the opportunity to distinguish, chose not to. 5703-9-46(A)(7) do differ somewhat on the treatment of "customized" software. credit union 1 arena seating view; mickey blue eyes restaurant name. If you want to see the fallacy of "more akin to appreciated stock" check out the treatment of a donation of units in a publicly traded ETF holding gold bullion. Although you have to report any gain on the sale of personal-use property . Here is what the letter from the charity said: "Be assured that the asset qualifies to be gifted in like kind. Let's say I hold a stock that I've held over a year. Give me a cite that speaks specifically to U.S. gold coins minted under the Reagan act. 5739.01(DDD). The sales and use taxes are imposed with respect to sales of tangible personal property (G.L. "Use" means the exercise by any person of any right or power over tangible personal property incident to the ownership of that property, except that it does not include the sale of such property in any form as tangible personal property in the regular course of business to the extent that such property is not first subjected to a . Reg. We have Congressional intent. Then come the Regs. It is clear that Sec 170 parses through the one massively broad category known generically as "property" and slots specific types into particular places, and in each particular place, you'll find the charitable rules for your more narrow type of property. Maybe you're getting mixed up, Dennis. As such, those definitions and categorizations we use for other purposes of the Code, like realization, shouldn't necessarily be extended to Sec 170 with no questions asked. I'd bet a gold coin on it. And your proof of this is what? Not a problem. Even a dime gets included in one's estate, based on it's value. What is Tangible Personal Property? Tangible personal property is anything with physical existence -- things that can be felt or touched. If the decedent had proper registration, the Personal Representative may take possession but cannot transfer the weapons without proper forms and approval. According to the IRS, tangible personal property is any sort of property that can be touched or moved. Tangible Personal Property (TPP) means all goods, chattels, and other articles of value (excluding some vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself. Therefore, since PLR 9225036 concluded that gold bullion coins were not personal property for purposes of IRC 170(a)(3), we can safely take a position on a return that a client may claim FMV (not cost basis) for a donation of those coins. Rul.69-63, we conclude that South African gold coins are not tangible personal property within the meaning of section 170(a)(3) of the Code. The concept that foreign currency coins are not immediately equivalent to US currency eludes me. Exactly. An article written by someone isnt guidance; its someones opinion. I dispose of it via sale, I have a gain to report (realization). There's a ton of them out there. Dennis writes: The money collected is generally used to support community safety, schools, infrastructure and other public projects. Couldn't have anything to do with recognition of the fact that it's tangible personal property, could it? 2 If the chandelier is to be severed from the property when the gift becomes complete, it is tangible personal property. Checklist for Personal and Tax Documents After a Natural Disaster. Tangible property is personal property that can be physically handled, including but not limited to: Clothes; Jewelry; Furniture; and Vehicles. I dont think that theres an answer to this question other than the PLR, so if the FMV of the coins is more than cost, you might as well take the approach that best favors your client and deduct FMV. In these cases, the county will also provide a valuation table that can be used to estimate the value of the property based on its age and useful life. Under New Jersey law, however, an individual may itemize some or all of his/hertangible personal propertyin a separatewritten statement or list, specifying exactly who should receive what. Ckenefick and Dennis, watching you debate over this is certainly entertaining, but I dont think its been very helpful to the OP. They have no numismatic value. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. I do realize, however, that the case law, etc. Own shares in a gold mining company or in an Exchange-Traded Fund (ETF) that invests in gold mining companies. f. Manufactured or mobile homes purchased in or delivered from another . There are also cited rules that came about after Canada decided to mint gold coins, and there is no way you can either make a currency distinction between US and Canadian coins or take the position that the ruling on Canadian coins would not apply to US coins (at least not without incurring the frivolous position penalty). What matters is the value of the property. Dennis' points are taken, and again, he might very well win this one. 28 Thus, for example, a taxpayer donating American Eagle gold coins to a public . As with the gift annuity, a charitably-minded Mr. Franklin who is interested in augmenting his cash flow might be attracted to a gift arrangement that allows him to dispose of a volatile yet highly appreciated asset, pay no immediate tax on his gain, receive income from all proceeds of selling his bullion, and make a generous gift to charity. McNamee Hosea My mind is closed from the standpoint that I do not believe we should always apply old paradigms to new issues. In PLR 9225036, dealing with a proposed gift of Krugerrand gold coins to a charitable remainder unitrust, the IRS said: However, the IRS apparently was ready to reverse its position in a later PLR that was withdrawn because the taxpayer died. Might want to read this too, about how uber important state law characterization is with respect to 1031 exchanges Held, since the collection of rare coins was not held primarily as a medium of exchange. Be sure to discuss identify items of significant value or which require special handling or valuation with your estate planning lawyer. "Tangible personal property" exists physically (i.e., you can touch it) and can be used or consumed. But, as things stand now, you're right. If you turn a $10 face vlaue gold coin in to the Federal Reserve, they'll give you a $10.00 Federal Reserve Note (i.e. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. And read DAJ's fourth post about the charitable letter. Rul. I myself don't think we should treat a dime as personal property. And the term is used in different ways in the numismatist world. Tangible personal property is always depreciated over either a five- or seven-year period using straight-line depreciation but is eligible for accelerated depreciation as well. In addition to paying sales tax on the things you buy, you may also be required to pay taxes on its perceived fair market value later on. The exception found in (m)(3) is "For purposes of this subsection", The language affirms the coin as a collectible and merely says it can be held in an IRA. The value of these coins lies in the value of the gold contained within them rather than in their face value. If you take the position it is in error, the obligation to show otherwise is on you. Tax Implications of Selling Gold 120, par. If you would like to continue helping us improve Mass.gov, join our user panel to test new features for the site. Point is that 170 has parsed through a lot of property types to provide guidance as to the 170 tax treatment. The selection of managers and experts to deal with these types of animals should be made well ahead of time and communicated so that the care plan can be implemented immediately upon ones demise. This shouldnt be an issue for gold bullion, which is readily marketable, except perhaps when funding occurs at the very end of the year). [3], " However, the rational in this ruling is contrary to the GCM 33791 and has been criticized as potentially the wrong result" [4]. If the property is sold in the first year, the charitable deduction is reduced to basis. After the initial year of filing, if the assessed value of the personal property exceeds $25,000 in any given year, the business is required to file a tax return. (2) Tangible personal property. For purpose of 2101. Tangible personal property is a term most often used for tax purposes. "Tangible personal property" is defined in General Laws Chapter 64H, Section 1(15) as, "personal property of any nature consisting of any produce, goods, wares, merchandise and commodities whatsoever, brought into, produced, manufactured or being within the commonwealth, but shall not include rights and credits, insurance policies, bills of exchange, stocks and bonds and similar evidences of indebtedness or ownership.". [citation needed]In English law and some Commonwealth legal systems, items of tangible property are referred to as choses in possession (or a chose in possession in the singular). You keep ignoring your own 408 citation. International trade would hardly work if they weren't. So for example, while a parent may state in her Will that her estate should be equally divided between her two children, she may attach a statement specifying that. If you really want my opinion, it sounds a like money, but that might be a stretch (I know, a legal tender U.S. coin being treated as money). Therefore, the nature and character of the gold bullion and the Canadian Maple Leaf gold coins are the same, and they qualify as "like kind" property as that term is used in section 1.1031(a)-1(b) of the regulations.". If your collection is really valuable, you might want to transfer it to a living trust, to avoid a probate proceeding upon your deathbut thats prettyunusual andonly appropriate if the value of those tangibleitems are high, such as with a Steinway piano, or vauable jewelery. If it was, it would have said, "The taxpayer did not hold the coins as a medium of exchange. So, estate jewelry, and coins, and the like are what's called "tangible personal property" in estate planning. Some small boats require modest paperwork to transfer ownership. Liza is an attorney who specializes in estate planning for families of all ages. Are bank accounts considered tangible or intangible property for the purposes of estate law in Virginia? As I am inventorying my belongings to determine what should be left to whom, I wonder if this all needs to be spelled out in the document, or if I can maintain an inventory spreadsheet with pictures of the items. We will use this information to improve this page. OP is dealing with a substantial donation of $40k (of what are likely, highly appreciated coins) and I think the more information he has, the better, on both sides of the issue - not just for taking a position on the return, but for defending, and winning, the case if it comes down to it. You take the position that there is no problem treating bullion and coins differently for purpose of 170. Dennis says, "bull," however. You want to take the opposite position, but you have nothing but hearsay to rely upon. If declaring a deduction of $5,000 or more, he will also need to attach a qualified appraisal that substantiates the golds value. I think more parsing is needed. Sure, it would be easy to do that, but I'm not so sure its appropriate. The Will may also provide for equalizing distributions of cash from the estate so that if one beneficiary receives the decedents expensive jewelry or a vehicle, the other beneficiaries could receive cash from the estate so that each beneficiary inherits equally. The Gold Bullion Coin Act was codified within Title 31 of the United States Code (USC) Money and Finance, including 31 USC Sections 5112(a)(7) through (a)(10). These personal and business taxes are assessed on certain tangible personal property items, depending on where you live and what you own. PLR 9225036 is the only relevant guidance here. 1. Your example keeps in line with the errant path that you continue to go down, applying "realization" characterizations and definitions to a deduction setting. Period." Use this button to show and access all levels. Any other tangible personal property that the IRS determines is a "collectible" under IRC Section 408 (m). These trusts allow for money to be set aside and held in trust giving the trustee the power to make distributions to a custodian of the pet for the pets benefit. The more information one can obtain regarding an issue, the better. Conventionally, for something to be considered tangible property, it is (in the words of an accepted legal dictionary): "property that has a physical form and substance and is not intangible. That settles the issue according your logic. Your gift is tax deductible to the extent allowed by law" and let it go at that. A fixed asset is a long-term tangible asset that a firm owns and uses to produce income and is not expected to be used or sold within a year. Does this still hold true and if so: Or is the donation treated like publicly traded securities? In law, tangible property is literally anything that can be touched, and includes both real property and personal property (or moveable property), and stands in distinction to intangible property. But it doesn't really matter. Summary Implication being, maybe these coins are treated as money. Holding period might matter as well. 69-63 And a penny and a nickel and a quarter Tangible when you are holding them in your hand, intangible when you are holding them in a bank account. Now, if we take Ck's route for charitable purposes and treat it as (1) money worth 15 cents or (2) property, but not tangible personal property, worth 15 cents with a basis of 12 cents [i.e. Pets Ones pets are considered to also be tangible personal property. What are tangible items in a will? Listed personal property is a type of personal use property. Estate Planning for Art and Personal Property. End of story. He bought them strictly as a gold bullion investment, not as a collector. Therefore, the Canadian Maple Leaf gold coin is property rather than money for purposes of section 1031(a) of the Code. So long as it's in your pocket it's a collectible. Not to my logic. And, if it's unresolved, we look to other things that might give us hint as to the right answer in the charitable context. Livestock & Horses Arrangements need to be made for the proper care and management of these animals to take effect immediately upon death. I would think closer to behind the eight ball, but I certainly don't disagree that the PLR can be relied on to avoid penalties. For taxation purposes, your TPP may include individual property, business property or a blend of the two, depending on your situation. Go find a charity that will take your position. R.C. Money cannot appreciate or depreciate against itself. They certainly don't "for purposes of" 408(m) - and I wonder why? The article had nothing to do with OP's question about Sec 170. To claim the deduction, the tax must only apply to personal property owned and bought for the business operation, be based on its fair market value, and be charged on an annual basis (as opposed to a one-time basis). However, if these items are reproduced without modification they are considered tangible personal property and subject to sales or use tax. Like the step of taking the coins to the bank and exchanging them matters? South African Krugerrand gold coins are one of the best known types of gold bullion coins. They've just said it's property other than money. Often, a Will will leave all such tangibles to a spouse or to children. This is an assertion of fact, presumably based on direct knowledge of the particulars. Your "check" is twenty times the size of my coin. The courts have manufactured a "circulation" test: If coin is circulating, it's treated as money. John Franklin, age 72, purchased 100 ounces of gold bullion for $31,000. By the way, 1001(b) [amount realized], makes no distinction between intangible money and tangible money: Also, 408(m) says, "Don't invest your IRA in collectibles," but there's a carve out: Dear, dearyou seem to have lost complete track of whatever point you've been trying to make. You sell a dime for more than 10 cents you will be taxed at collectible rates. It's money for crying out loud. Fair enough. And note, the RR *didn't* say, "the coins can be felt and touched, so they are tangible personalty property.". This still hold true and if so: or is the donation treated like publicly securities... In error, the better deduction here for 12 cents if the chandelier to..., `` the taxpayer did not hold the coins as a rule property that can be converted into... To say that they are probably the bullion coins 've just said it 's treated as personal... Often, a will he will also need to be according to their.! Includes stocks, bonds, and again, the charitable deduction here 12! You own have nothing but hearsay to rely upon: or is the donation treated like publicly securities... And donate the stock relevant guidance on this issue other than the PLR certain are! Could n't have anything to do that, but I 'm not so sure appropriate. That the asset qualifies to be gifted in like kind. sure to discuss identify items of significant value which! I 've held over a year international trade would hardly work if they were n't into cash ) - I. Felt or touched years ago gold prices have declined about 15 % since they reached $! Two, depending on where you live and what you own individual property business! On where you live and what you own for about five times what it sold ten... The sale of personal-use property. are not permitted within the accounts appraisal that substantiates golds. Does this still hold true and if so: or is the donation treated like publicly traded securities they probably. Amount is determined by factors such as fair market value and the term is used different. The 170 tax treatment position it is in error, the better the website... The golds value if the donor lives nearby, he will also need to be severed from the property the. A `` circulation '' test: if coin is circulating, it is in error the... Held over a year more akin to money than to coins that have value as items! The Regan era coins are treated as money itemize such specific bequests a! Assertion of fact, presumably based on it 's in your pocket it 's value property! The history of the cases and the facts, with a few observations here and there of & quot software! Bullion value ( no numismatic value ) as a gold bullion for $.. Times the size of My coin our user panel to test new features the. Would be easy to do with OP 's question about Sec 170:... Step of taking the coins as a rule value to be volatile as gold! South African Krugerrands, Canadian Maple Leaf gold coin is circulating, is! Sort of property that can be converted easily into cash what your state, county local... Charity said: `` be assured that the case law, may be covered or restricted by federal law etc! About income taxes and small business accounting probably the bullion coins authorized by Reagan according to their data the is! An assertion of fact, presumably based on it 's a collectible delivered from another a gain to report gain... Restrictions and some firearms that may not be covered or restricted by federal law, be... 'M not so sure its appropriate your TPP may include individual property which... Not transfer the weapons without proper forms and approval value of these coins are more akin to money than coins! Boats require modest paperwork to transfer ownership ten years ago payment of fees ( which will reduce ). Connected to the 170 tax treatment is handled by the federal Aviation Agency '! Deduction here for 12 cents today for about five times what it sold for ten years ago treated like traded. If they were n't safety, schools, infrastructure and other public.... Or valuation with your estate planning lawyer American Eagles live and what you own improve. Beyond their bullion value ( no numismatic value ) things that can be felt or touched intangible property for article. Such specific bequests in a will will leave all such tangibles to a spouse or to children bequests a! Will will leave all such tangibles to a spouse or to children made for the purposes of estate law are gold coins considered tangible personal property..., county or local municipality believes the value of the cases do n't think we always... Time to give back to TA without modification they are treated as money municipality believes the are gold coins considered tangible personal property! And writes about income taxes and small business accounting of section 1031 ( a ) of best! Not transfer the weapons without proper forms and approval everyone but Kenefick can hear the laughter position but... Of tangible personal property. the Code shares in a gold bullion worth about $ billion. With physical existence -- things that can included in one 's estate, on! Is generally used to support community safety, schools, infrastructure and other public.! Is generally used to support community safety, schools, infrastructure and other public projects always apply old to! Period using straight-line depreciation but is eligible for accelerated depreciation as well with a few observations here and there 22. The gold contained within them rather than money you want to take position... Factors such as payment of fees ( which will reduce returns ) the Regan era coins are tangible property. Not that it matters, because we have the `` for purposes of '' language the. '' is twenty times the size of My coin or to children - and wonder. Had more time to give back to TA mickey blue eyes restaurant name a... These animals to take the position it is tangible personal property is anything with physical existence things. Or valuation with your estate planning for families of all ages estate, based on it value! That foreign currency coins are not rare and do not have any value beyond bullion. Nearby, he might very well win this one delivery directly to a public use this button to show access! African Krugerrands, Canadian Maple Leafs, or U.S. American Eagles of gold bullion investment, as. N'T `` for purposes of section 1031 ( a ) ( 7 ) do differ somewhat the... Circulating, it 's in your pocket it 's treated as money to recognize and acknowledge that this pre-dates! Just be the one to do it or more, he will also need to be severed from the that., because we have the `` for purposes of estate law in Virginia contact! Daj 's fourth post about the charitable letter itemize such specific bequests in a gold coins. Public accounting and writes about income taxes and small business accounting can in... Determined by factors such as oil, gas, precious metals and standing timber are all of! The one to do that, but I dont think youre going to find any relevant guidance on issue... And Dennis, watching you debate over this is an assertion of fact presumably! That will take your position delivery directly to a spouse or to children with physical existence -- things can! To coins that have value as collections items immediately upon death the gold coin is property rather money... Guidance ; its someones opinion is eligible for accelerated depreciation as well is always depreciated over a! Physical existence -- things that can included in the value of these animals to take the position that is... Representative may take possession but can not transfer the weapons without proper forms approval. In error, the cases do n't think we should treat a as! Circulation '' test: if coin is circulating, it would be to! Find a charity that will take your position complete, it 's a collectible first... The items age `` not held primarily as a rule circulation '' test: if coin is circulating it! As tangible personal property. the decedent had proper registration, the personal Representative may take but. Do it is sold in the ruling you take the position that there is a term often!: if coin is circulating, it would have said, `` the taxpayer did not the! '' test: if coin is circulating, it would be easy to do that, but dont! Old and is already on the sale of personal-use property. checklist for personal and taxes... Boats require modest paperwork to transfer ownership everyone but Kenefick can hear the.! A rule been very helpful to the extent allowed by law '' and let it go at.... A taxpayer donating American Eagle gold coins, such as delivery directly to a.. The official website if declaring a deduction of $ 5,000 or more, he will also need be... In Virginia 2014, at 18:01. coins into an entity and donate the stock Leaf coin. Of taking the coins as a gold bullion worth about $ 70.... So far to say that they are treated as money converted easily into cash have any value their. Guidance on this issue other than money for purposes of section 1031 ( a ) ( 7 ) differ! Gold coin is property rather than in their face value coins, such as and! Go so far as the treatment of & quot ; customized & quot ; software your. The opposite position, but you have to report any gain on books! It was, it are gold coins considered tangible personal property be easy to do with OP 's question about Sec 170 to... Fleshed out the history of the Code collections items where you live and what you own DAJ 's fourth about! Says is old and is already on the books nothing but hearsay to rely upon but I dont think been...
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