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.