The Mint, The IRs and Thou..

A member of our local club brought up this question at our last meeting:

Does the US mint have reciprocity with the IRS? If you are a buyer of
Mint products, when you die, do they notify the IRS that you had bought
all those goodies for all those years and now your heirs owe estate tax
on them?
--
Copper is as copper does.

Joe Schell writes:

A member of our local club brought up this question at our last meeting:

Does the US mint have reciprocity with the IRS? If you are a buyer of
Mint products, when you die, do they notify the IRS that you had bought
all those goodies for all those years and now your heirs owe estate tax
on them?
--

In a couple of years, the first $1,000,000 of the value of an estate will be
exempt from Federal estate Taxes. It's highly doubtful that the Mint reports
its sale data as to who bought what, to IRS.

Think the USPS reports all sales of sheets of stamps to IRS? Nah!


Ira Stein

Joe Schell wrote:

A member of our local club brought up this question at our last meeting:

Does the US mint have reciprocity with the IRS? If you are a buyer of
Mint products, when you die, do they notify the IRS that you had bought
all those goodies for all those years and now your heirs owe estate tax
on them?

The chances of this ever happening are "slim" and "none".

The Mint could never prove that you still owned them and your heirs could
probably never prove that you sold them if you had diisposed of them before you
kicked the bucket.


++++++++++
Phil DeMayo - always here for my fellow Stooge
When bidding online always sit on your helmet
Just say NO to counterfeits

Joe Schell wrote:
: A member of our local club brought up this question at our last meeting:
:
: Does the US mint have reciprocity with the IRS? If you are a buyer of
: Mint products, when you die, do they notify the IRS that you had bought
: all those goodies for all those years and now your heirs owe estate tax
: on them?

There is a $600,000 exemption on federal inheritance
tax now, and it will be going up.

I just had to pay a state inheritance tax of $10,000
though, about $20 of that for coins, because I was not a
child, sibling or parent of the departed (I already spent
most of the money).

Do you know anybody who has spent more than $600,000
on coins?

Joe Fischer

--
3

The exemption is up to 1 million now in 2003.....goes up to 1.5 million in
2004



"Joe Fischer" wrote in message
...
Joe Schell wrote:
: A member of our local club brought up this question at our last meeting:
:
: Does the US mint have reciprocity with the IRS? If you are a buyer of
: Mint products, when you die, do they notify the IRS that you had bought
: all those goodies for all those years and now your heirs owe estate tax
: on them?

There is a $600,000 exemption on federal inheritance
tax now, and it will be going up.

I just had to pay a state inheritance tax of $10,000
though, about $20 of that for coins, because I was not a
child, sibling or parent of the departed (I already spent
most of the money).

Do you know anybody who has spent more than $600,000
on coins?

Joe Fischer

--
3

Joe Schell wrote in message .. .
A member of our local club brought up this question at our last meeting:

Does the US mint have reciprocity with the IRS? If you are a buyer of
Mint products, when you die, do they notify the IRS that you had bought
all those goodies for all those years and now your heirs owe estate tax
on them?

The IRS has bigger fish to fry. I doubt that they're going to put that
much effort into tracking some guy who owns a few proof sets.

In article , says...
Joe Schell wrote:
: A member of our local club brought up this question at our last meeting:
:
: Does the US mint have reciprocity with the IRS? If you are a buyer of
: Mint products, when you die, do they notify the IRS that you had bought
: all those goodies for all those years and now your heirs owe estate tax
: on them?

There is a $600,000 exemption on federal inheritance
tax now, and it will be going up.

I just had to pay a state inheritance tax of $10,000
though, about $20 of that for coins, because I was not a
child, sibling or parent of the departed (I already spent
most of the money).

Do you know anybody who has spent more than $600,000
on coins?

Joe Fischer


No, but I know several people whose total estates are likely worth more
than $600K.

What's to stop all govt agencies from linking together in this day of
easy database manipulation, overstaffed govt agencies and black
helicopters?
--
Copper is as copper does.

In article ,
says...
Joe Schell wrote in message .. .
A member of our local club brought up this question at our last meeting:

Does the US mint have reciprocity with the IRS? If you are a buyer of
Mint products, when you die, do they notify the IRS that you had bought
all those goodies for all those years and now your heirs owe estate tax
on them?

The IRS has bigger fish to fry. I doubt that they're going to put that
much effort into tracking some guy who owns a few proof sets.

But it may not be that much effort,just share the mints database, plug in
the deceaseds SS number,and voila'!
--
Copper is as copper does.

Joe Schell wrote:

In article , says...
Joe Schell wrote:
: A member of our local club brought up this question at our last meeting:
:
: Does the US mint have reciprocity with the IRS? If you are a buyer of
: Mint products, when you die, do they notify the IRS that you had bought
: all those goodies for all those years and now your heirs owe estate tax
: on them?

There is a $600,000 exemption on federal inheritance
tax now, and it will be going up.

I just had to pay a state inheritance tax of $10,000
though, about $20 of that for coins, because I was not a
child, sibling or parent of the departed (I already spent
most of the money).

Do you know anybody who has spent more than $600,000
on coins?

Joe Fischer


No, but I know several people whose total estates are likely worth more
than $600K.

What's to stop all govt agencies from linking together in this day of
easy database manipulation, overstaffed govt agencies and black
helicopters?
--
Copper is as copper does.

The Constitution and the people that supposedly run this country, you, me and every other citizen.

JAM

Joe Schell wrote in message .. .
In article ,
says...
Joe Schell wrote in message .. .
A member of our local club brought up this question at our last meeting:

Does the US mint have reciprocity with the IRS? If you are a buyer of
Mint products, when you die, do they notify the IRS that you had bought
all those goodies for all those years and now your heirs owe estate tax
on them?

The IRS has bigger fish to fry. I doubt that they're going to put that
much effort into tracking some guy who owns a few proof sets.

But it may not be that much effort,just share the mints database, plug in
the deceaseds SS number,and voila'!

I think it would be easy for them to do,because of all the data
available on each of us from online sources,but its probably not worth
it...right now.Whether it becomes possible in the future will remain
to be seen.I could see it happening with gold bullion,maybe even silve
eagles,because of the ability to put them into bullion IRA's.I'm sure
they would love to find a way to get at bullion investors before they
cash in their IRA's,even though they can tax them then.They'll
probably do something eventually,if you invest in a bullion IRA,its
for a long time,so all they'll have to do is wait until the present
investors all reach an age when their IRA's mature to a point where
they become valuable enough to attack,and before it can be withdrawn.
phil