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Old 05-26-2018, 01:09 PM
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Join Date: May 2018
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Determining Basis of Asset without original documentation

I have a collection of silver coins (Quarters and Dimes, "junk silver"). I know I purchased them within days of my birthday in 1983, but I have no documentation.
How do I determine and report the Basis of Asset for the IRS?

I have been able to find the average annual sale prices here:
https://minerals.usgs.gov/minerals/p...ver/880798.pdf
It's states the average price in 1983 was $11.44.

Second, a couple of basic questions:
I know this sounds simple,but:

Am I correct in thinking that my asset is not income and is not taxable?
Only the Capital Gain is "income" and taxable?

I appreciate whatever help you can offer.



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