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Financial Planning / Tax Strategies


Subject:  Re: No receipt = zero tax basis? Date:  10/15/2005  8:38 PM
Author:  ziggy29 Number:  81114 of 127513

>> The fact is, I do NOT know how much I paid, only that gold was considerably more per ounce in 1980 than it is today. I don't even know exactly when I bought it, except it was in the earlier part of the year. (In fact, for all I know, perhaps I pre-ordered it in late 1979 ... but I doubt that they did such a thing. I really don't remember the details of the transaction.) <<

But you know when you bought it, right...roughly? If each coin has a troy ounce of gold, for example, you could reasonably look at the rough time period where you bought the coin, and to be conservative, you could use the lowest spot price of gold in that period to claim a cost basis.

For example, if you know you bought it in a three month window when gold prices ranged from $600 to $750, you could pretty safely use a $600 cost basis.

The only problem I see is that you have no documentation that you bought it then, and not later when gold dipped to $250 an ounce.

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