To report the sale of an inherited coin collection, follow these directions: Down the left side of the screen, click on Federal. Across the top of the screen, click on Income & Expenses. Under Your income and expenses, scroll down to Stock, Mutual Funds, Bonds, Other. Click Edit/Add to the right of Stocks, Mutual Funds, Bonds, Other. Click Add more sales. At the screen Did or will you receive a 1099-B form, click No. At the screen Tell us more about this sale, describe the sale such as ‘coin collection’. What type of investment, select Collectible. How did you receive it, select I inherited it. Answer the remaining questions.The problem is the valuation of the inherited property. If no appraisal was done at the time of death, a professional will have to be hired to determine your basis in the property. See also this TurboTax Help.

Question

I sold a coin collection that i inherited in 1963. beginning value unknown. how do i report this?

Forum|Forum|6 years ago
March 8, 2020
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J

JamesG1

To report the sale of an inherited coin collection, follow these directions:

Down the left side of the screen, click on Federal.
Across the top of the screen, click on Income & Expenses.
Under Your income and expenses, scroll down to Stock, Mutual Funds, Bonds, Other.
Click Edit/Add to the right of Stocks, Mutual Funds, Bonds, Other.
Click Add more sales.
At the screen Did or will you receive a 1099-B form, click No.
At the screen Tell us more about this sale, describe the sale such as ‘coin collection’.
What type of investment, select Collectible.
How did you receive it, select I inherited it.
Answer the remaining questions.

The problem is the valuation of the inherited property. If no appraisal was done at the time of death, a professional will have to be hired to determine your basis in the property.