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<blockquote data-quote="Plus Oultre" data-source="post: 1108121" data-attributes="member: 11351">Relevant only if you have to file a tax return in the US ...... see belowIf someone gifts you property, they are responsible for the tax consequences.If property you report it as any other exchange of property. If in the line of business, you report it as any other income.you report it as a disposition of assets.Even though you don't get paperwork, you as the taxpayer are responsible for the reporting the gain or the loss.if you sold the coin today, you report this this year; it doesn't matter what the value of the coin is even the day after you disposed of it.&nbsp; In cases of unreported income, they will normally go back 3 years; however in some circumstances -if substantial- they will go back 6 years, and in fraud cases the statue of limitation never closes.</blockquote>

[QUOTE="Plus Oultre, post: 1108121, member: 11351"] Relevant only if you have to file a tax return in the US ...... see below If someone gifts you property, they are responsible for the tax consequences. If property you report it as any other exchange of property. If in the line of business, you report it as any other income. you report it as a disposition of assets. Even though you don't get paperwork, you as the taxpayer are responsible for the reporting the gain or the loss. if you sold the coin today, you report this this year; it doesn't matter what the value of the coin is even the day after you disposed of it. In cases of unreported income, they will normally go back 3 years; however in some circumstances -if substantial- they will go back 6 years, and in fraud cases the statue of limitation never closes. [/QUOTE]

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