Way back when...my father willed each of us kids some gold Krugerrands. I wonder about selling them now since they have more than doubled in value. I know we pay tax on the sale but would you sell now or hang on to? Don't need the funds at this point but who knows down the road.
If you don't need them I might just hang on to them. My sil did that when her mother died and the price of gold has gone up 235%, between 2019 and 2025.Originally Posted by pinkytoe
I'm curious how taxes would work. You would want to know the tax basis? I have a bit of silver and estate jewelry in my safety deposit box that's I've considered selling. It was inherited a long time ago.
"I spent the summer traveling: I got half-way across my backyard." Louis Aggasiz
The diamond market is dropping precipitously, it’s down 26% in just a couple years. But precious metals are up, anything gold is way up. I’d sell all your gold stuff now if I were you. Gold is higher than platinum now and that’s very unusual.
I wandered into a mall store recently just to ask the floor salesman if they were selling more platinum items and no they are not because they are a mall store. He said platinum needs different tools and processes then gold, so it’s never been as common to set their mall-store items in platinum.
young people are not buying mined diamonds. If it’s vintage or antique, it may be of a little more interest to them, but only a little.
Long term capital gains rates for "collectibles", such as gold, is 28%.
You have to report the gain when you file your taxes.
Coin dealers must file a 1099-B with the IRS on your transaction if it is 25 Krugerands or more. ( https://www.irs.gov/pub/irs-pdf/i1099b.pdf ).
Do with this information what you will.
As to whether to sell (or buy) now, the answer to that depends on your overall financial situation, YMMV, etc.
In the case of my estate jewelry, I have no documentation of an appraised value when I inherited or was gifted it and might even have only a rough date of when it landed in my safety deposit box. Probably a question for my accountant or maybe a lawyer. I'd like to sell some of it at least in terms of simplifying assets.
"I spent the summer traveling: I got half-way across my backyard." Louis Aggasiz
Given the huge staffing cuts made to the IRS by the Trump administration, make sure to properly fill out all of your paperwork….
We have talked about this before, and I have no idea what your family jewelry is, but just be aware that the average person thinks their diamond jewelry is worth a whole lot more than it is. A diamond, unless extraordinary in size and quality, is like a new Cadillac. When you drive it off a lot it looses a huge amount of value. There is very little inherent value in consumer quality diamonds.
I have many rings, and some of them diamonds. With one exception their value is 95% in melt value of the metal. The diamond in my engagement ring is worth maybe 100 - 200 bucks, DH paid $2,000 for it many decades ago in a simple yellow gold setting. And what’s amusing is it is worth only that much because I’ve had it so long the cut has come back into style. Yes, Marquis diamonds are now back in style, but 15 years ago it was the most hated style in existence among brides getting engaged.
My great aunt’s 107 year old ring is worth a few hundred dollars because it has a nice vintage setting and a diamond of some size, and it is platinum which until recently was the high-end metal.
Take the jewelry in and have it appraised before you decide. I recently had a ballpark appraisal on a ruby ring and it was for 3500; they have appreciated over the years depending on where the ruby is from and the color. Jade is the same. So make sure you go to an estate jeweler before you make up your mind.
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