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Author: KenAtPcs Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Re: No receipt = zero tax basis? Date: 10/15/2005 8:29 PM
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Thanks, Peter, for that alternate viewpoint.

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.)

Perhaps it would be fair, and honest, to assume a price equal to whatever price I sell it at. No loss, no gain. There were times in the early part of 1980 when gold was not *too* much more than it currently is (though never below, AFAIK). So maybe, on the off chance I'm audited, that would be a reasonable argument to make.

I'm still going to try to contact the USPS, *just* in case they happen to have kept such records. A lot of trouble for what amounts to a relatively small difference in taxes (at 15% LTCG rates), but it really bugs me that I didn't keep the receipt! :-)

Thanks,

Ken
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