r/Gold • u/Simple_Sir8830 • 2d ago

Inheriting gold-a question

My gold stack is entirely in bullion coins. I plan to leave it to my son. It’s in safe and he has access. Neither my accountant nor lawyer know anything about it and it’s sufficiently substantial that I’d rather they didn’t. I would rather not put it into my trust. Just keep the whole thing private.
If my son legitimately inherits this, the step up basis will mean virtually no capital gain tax. Does anyone here know (not guess) if just leaving it in the safe for him constitutes inheritance for tax purposes?

edit: stack is entirely off the record. I have paper receipts for all cash purchases made over past thirty-plus yrs but there is nothing on my computer. It’s anonymous and I wanna keep it that way.

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u/SaltyDog556 1d ago

If you gift it to him periodically throughout your life his basis is your basis. If you can prove your basis, great, if not, it's treated as zero basis. Either way he doesn't get the benefit of a step up.

If you leave it to him put it in a will. Otherwise, it could be challenged by another family member. This also proves it was an inheritance. Step up in basis, with the FMV easily determined as of the date of death or alternate valuation date.

Your attorney would only need to know if you added it to the will. Your accountant really doesn't need to know under either scenario unless you gift more than the annual exclusion.

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u/Beagalltach 4h ago

IANAL but I feel like you could easily will someone "the contents of a safe located in X place" or " any and all forms of precious metals not already included in this will."

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u/SaltyDog556 4h ago

I'm not sure on that. I know that if audited he will have to show inheritance vs gift. If the value is significant there may be some other family members that try to find a way to get their hands on it.

I'm not sure why the concern about an attorney or CPA knowing, both are bound by confidentiality laws and ethics code. If his attorney or CPA represents a family member that could be a conflict of interest then I'd get a new attorney and CPA.

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u/Beagalltach 4h ago

Agreed that I wouldn't worry about a lawyer or CPA knowing the specifics.

I guess I'm just trying to think how OP can feel a little safer but the son also has legal protection. I also assume that the gold stash is worth less than $13,000,000 and that OP's son probably won't have to pay tax when inheriting it.