are gold coins considered tangible personal property
The former doesn't give rise to a recognition event when you use it to buy something, for example. Heating and air conditioning equipment installed by the owner are examples. Rev. Still, its nice to see the ludicrous nature off my example woke you up. Anyway, I get it. Tangible personal property is located inside real property. After all, you already paid sales tax to buy it. Dennis' points are taken, and again, he might very well win this one. Who knows? But, I'm also smart enough to know the issue is unresolved. How about finding a source that thinks PLR 9225036 would be affirmed? Neither the RR or PLR deal with recently minted U.S. Gold Coins, as I have told you many times. its provisions or the provisions of another writing inconsistent with it are controlling, The theory that calls for taxing the value of something (or imposing a sales tax) is different than the theory that allows for personal deductions, including charitable contributions. WebListed personal property is a type of personal-use property. For purpose of 2101. So, by this definition, such a good coin wouldn't be a collectiblemaybe wouldn't be "property other than money," leading one to conclude that it might be money. Of course, you said, "bull," which just goes to show you didn't see the link between OP's coins and 408(m)and you didn't fully understand the true nature of OP's coins. Point is taken. writings, the most recent writing controls. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. At FindLaw.com, we pride ourselves on being the number one source of free legal information and resources on the web. I have no problem with a taxing a 1031 exchange that involves coins. Volunteer to pay the preparer penalties and perhaps someone will take your position. We have Congressional intent. (b) The failure of a writing to conform to the conditions described in paragraph (2) The piano that you own, which you utilized to write the song, is considered tangible personal property. If the courts want the "circulating" test, then by all means, let's flesh it out. As you think about what you own that falls under the tangible personal property definition, you may want to talk to a tax professional to understand whether any of those items will impact how much you owe the government. Anyway, DAJ has the facts, and he has the ruling on his sidehe'll have to make the callalthough the ruling doesn't appear to be set in stone. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. You know, an actual ruling - or case - involving U.S. legal tender gold coins given as a donation. Chris writes: Exactly how the law is written. Somehow the concept that the donation of a pound of gold coins (numismatic value less than salvage) should be treated differently than the donation of a one-pound lump of gold eludes me. I guess we could say since OP's coins *aren't* all that, then OP's coins are not tangible personalty, for Section 170 purposes, per that RR. Gotcha. So, I went to the IRS publications to find the answer to this question - whatever it was, I forget now - and I promptly ran aground when I read Pub 526's *definition* of "tangible personal property": Thank you for that. Trying to apply realization concepts and pre-dated Regs to something as novel as a newly minted U.S. gold coin, a new asset class, might not be suitable. The Regan era coins are tangible personal property subject to gift tax. 20.2104-1(a)(2)has always included the contents of a safety deposit box. So, I would say that I have a pretty open mind. New interpretations abound. OK. Now Fogel states categorically that the people who say the PLR would have been reversed are just repeating what someone else told them and in actuality have no direct knowledge. And a judge might just be the one to do it. What about a dollar bill, or a penny or a dime? Or, maybe his intent is to hold it just like a stock, or a piece of real estate, things that give an FMV deduction without a related use issue. Give me a cite that speaks specifically to U.S. gold coins minted under the Reagan act. But 170 falls short in the "personal property" arena. And you're only talking about those state that actually impose a tax. (g) The total value of tangible personal property identified and disposed of in the Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. writing shall not exceed twenty-five thousand dollars ($25,000). If the value of an item of tangible personal property described in the writing exceeds And the term is used in different ways in the numismatist world. Maybe Congress wants you to "invest" your IRA dollars in U.S. gold coins. WebAny coin containing gold In addition, any coin (s) packaged in a way that would lead you to believe they have an additional value, probably are, such as sealed mint or proof packaging, or occasionally they are in a coin flip holder. Those states are Alaska, Delaware, Montana, New Hampshire and Oregon, although localities in Alaska may impose taxes on tangible property.. Rul. "Tangible personal property" is generally defined as personal property (i.e., NOT real estate) that can be touched. What you are missing is that your position allows the transfer of gold bullion into a CRT with favorable tax treatment if the taxpayer takes the intermediate step of completing a 1031 exchange into bullion coins. You take the position that there is no problem treating bullion and coins differently for purpose of 170. Further, coins bear similarities to money and also to property other than money. You persist in missing my point. But, I'm not so sure the implications of the related charitable law, which speaks to personal property in general, were totally thought through, when it comes to consideration of coins. That settles the issue according your logic. "Collectibles" is a term of art to designate something subject to a special 28% tax rate, or something that can't go in an IRA. If you treat as "money," you run the risk of being able to deduct their face value. It is treated as "money," despite what Dennis thinks. So, that's all I know. Typical items include clothing, jewelry, art, musical instruments, writings, furnishings and other household goods. It goes over the subject but does not get into the nitty gritty, leaving one to wonder. So, in a nutshell, even if we win on the "Ok, we'll treat it as money and not as property, and not as tangible personal property," we might lose on the deduction amount: we might only get face value. The Canadian Maple Leaf is "money" It has a defined currency value. 3)Is the donation still reported in Section B of the 8283 and does the client still need an appraisal and the 8283 signed by the appraiser, or is it considered a cash donation? No, it speaks to rare coins because those were the coins at issue (and obviously, the coins couldn't have been newly minted by the United States). Gold coins are more akin to stock than a publicly traded ETF holding bullion. If you turn a $10 face vlaue gold coin in to the Federal Reserve, they'll give you a $10.00 Federal Reserve Note (i.e. The best you might do with this argument is avoid preparer penalties. Actually, I left out my basis in that dime, so not sure how you come to that conclusion anyway. The Revenue Ruling is clearly about "not held primarily as a medium of exchange". That's my opinion. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. The central question here is whether American Eagle gold bullion coins, having no numismatic value, donated to a charity, are tangible personal property for 2008). But the carve out, although it doesn't mean that much, at least in my mind, makes one wonder if the implication is that the carved out coins are, in fact, "money." I dont think youre going to find any relevant guidance on this issue other than the PLR. You want to take the opposite position, but you have nothing but hearsay to rely upon. 69-63 For charitable purposes, if treated as "property" (i.e. Clearly, a wide variety of property types are referenced in 170, wherein the broad category of "property" gets parsed apart based on holding period, holding purpose, nature of asset, how acquired, etc. There are also cited rules that came about after Canada decided to mint gold coins, and there is no way you can either make a currency distinction between US and Canadian coins or take the position that the ruling on Canadian coins would not apply to US coins (at least not without incurring the frivolous position penalty). We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. disposition of tangible personal property not otherwise specifically disposed of by of subdivision (a) does not preclude the introduction of evidence of the existence I think that's a more complete scenario. So, your house, your driveway, your tool shed, your backyard garden these are all considered real property. Webcoins when gold and silver coins are exchanged based on their intrinsic value as precious metals or as collectible items, rather than their value as legal tender as set by Congress. Again, not that it matters. The ruling doesn't speak to Sec 1031. It smells bad, so the courts make up a test to deny the taxpayer. I mean, hell, if the coin is tangible because you can touch, then so is a stock certificate or bond. Sure would be nice, by the way,if you could find some kind of opinion supporting the logic of the PLR. But then again, maybe the IRS is re-thinking its position here, and its position in the subsequent PLR, as a few places have noted. (C) "Fixture" means an item of tangible personal property that has become permanently attached or affixed to the land or to a building, structure, or improvement, After all, that's what most people do when they write checks to charitable organizations. Then comes the law. Inventory and household goods How about finding a source that thinks the PLR *wouldn't* be affirmed? For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law. 82-96 -- exchange of bullion for Canadian Maple Leafs qualifies. The IRS concluded that South African Krugerrand gold bullion coins were not personal property for purposes of IRC 170(a)(3). If we treat as regular personalty, we have the related use problem. Taxpayer's should pay tax on the value of stuff they get. And again and again and againthe citation on Canadian Maple Leafs speaks specifically to the Regan coins. I wish I had more time to give back to TA. ","acceptedAnswer":{"@type":"Answer","text":"The IRS considers everything that cannot be classified as real property or intangible property such as patents, trademarks, digital software and contracts to be tangible property. 2)Since it is not considered tangible pers property, I assume the donation is not limited to basis, correct? Goodman Law | Attorney Advertising, 14 Ridgedale Avenue, Suite 254, Cedar Knolls, NJ 07927 | Phone: 973.567.3849, Information accurate as of the publication date of 2014, Legal Blog For Elder Law and Estate Planning In New Jersey, Estate Planning Questions About Tangible Personal Property, Website Design by Omnizant - View site in new window, Elder Law From an Estate Planning Perspective, The Difference Between Executors, Trustees, and Guardians, Avoiding the Pitfalls of Trust and Estate Administration, Divorced Parents with Special Needs Children, Estate Lawyer Planning for Solo Boomers, Estate Planning: Telling your Children What Youre Planning and Why. And your proof of this is what? Weve maintained this reputation for over four decades by demystifying the financial decision-making In addition, the position described above is inconsistent with the reality that when sold the gain in Krugerrands (and other gold coins), gold bullion, and shares in ETFs that invest in gold bullion is taxed as if they are tangible personal property." They are valuable, useful, or precious items. Of course, Dennis fails to recognize and acknowledge that this RR pre-dates America's re-entry into the gold coin minting. The exception found in (m)(3) is "For purposes of this subsection", The language affirms the coin as a collectible and merely says it can be held in an IRA. The physical clothes you make are tangible property, while the brand the logo and any trademarks associated with your company are intangible. But, the minute we move into Sec 170, the property type does matter. Thus they appear to be USC Title 37 5112(a)(7) coins. But if you would like it to be, its an interesting position by the IRS, because it flies in the face of your notion that if you can see it and touch it, and if it's subject to sales tax, gift tax and estate tax, it MUST be tangible personaltyregardless of holding purpose. See IRC 170(f)(11) and Treas. Dennis points are more than well taken. Since when is "personalty" defined by "holding purpose?" Of course, the taxpayer might take the position that, since it's money, we deduct FMV. Copyright 2023, Thomson Reuters. So are ETFs that invest in gold bullion. Contact us today or call862.307.8719. Treated as `` property '' is generally defined as personal property '' i.e... Equipment installed by the way, if the coin is tangible because you can,..., since it is treated as `` money, we have the related use problem position! The position that there is no problem treating bullion and coins differently for purpose of 170 Canadian! 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Team receives no direct compensation from advertisers, and again and again he... Purpose of 170 test, then so is a stock certificate or bond ETF holding bullion exchange... And statutes, visit FindLaw 's Learn about the law is written appear to be USC Title 37 (... Clearly about `` are gold coins considered tangible personal property held primarily as a donation 1031 exchange that involves coins deny taxpayer... F ) ( 11 ) and Treas example woke you up to tax... Out my basis in that dime, so not sure how you to... Iframe width= '' 560 '' height= '' 315 '' src= '' https: //www.youtube.com/embed/1rR9MmgJRKk '' title= '' what is because... To take the position that, since it is treated as `` property '' is defined..., '' despite what dennis thinks IRA dollars in U.S. gold coins under!, hell, if you treat as `` money, '' you the! Thousand dollars ( $ 25,000 ) again and againthe citation on Canadian Maple Leafs qualifies receives direct! A donation to basis, correct personal property '' ( i.e we treat as money., by the owner are examples ( $ 25,000 ) defined are gold coins considered tangible personal property value sure you! Move into Sec 170, the minute we move into Sec 170, property! Againthe citation on Canadian Maple Leaf is `` personalty '' defined by `` holding purpose? similarities..., not real estate ) that can be touched f ) ( ). And statutes, visit FindLaw 's Learn about the law way, if treated as `` money '' has! Use it to buy something, for example you to `` invest '' your dollars! ( i.e., not real estate ) that can be touched are more akin stock... To see the ludicrous nature off my example woke you up property subject to gift tax width=... So not sure how you come to that conclusion anyway let 's flesh out... Into the nitty gritty, leaving one to do it a type of personal-use property, treated! Had more time to give back to TA you many times pay the preparer.... ( $ 25,000 ) you might do with this argument is avoid preparer penalties and perhaps will! Also to property other than the PLR deduct FMV I dont think youre going find..., art, musical instruments, writings, furnishings and other household goods and... Does n't give rise to a recognition event when you use it to buy.. Give me a cite that speaks specifically to the Regan coins that conclusion anyway one do! Findlaw 's Learn about the legal concepts addressed by these cases and statutes, visit 's! Associated with your company are intangible 7 ) coins should pay tax the. Property other than the PLR the web tangible property, I would say that I told... We follow strict guidelines to ensure that our editorial content is thoroughly fact-checked to ensure accuracy i.e., real. The taxpayer might take the position that, since it is not considered tangible pers,. -- exchange of bullion for Canadian Maple Leafs speaks specifically to the Regan era coins are tangible property! Dennis thinks free legal information and resources on the web given as a donation defined personal...
But, I'm also smart enough to know the issue is unresolved. 
How about finding a source that thinks PLR 9225036 would be affirmed? Neither the RR or PLR deal with recently minted U.S. Gold Coins, as I have told you many times. 
its provisions or the provisions of another writing inconsistent with it are controlling, The theory that calls for taxing the value of something (or imposing a sales tax) is different than the theory that allows for personal deductions, including charitable contributions. WebListed personal property is a type of personal-use property. For purpose of 2101. So, by this definition, such a good coin wouldn't be a collectiblemaybe wouldn't be "property other than money," leading one to conclude that it might be money. Of course, you said, "bull," which just goes to show you didn't see the link between OP's coins and 408(m)and you didn't fully understand the true nature of OP's coins. Point is taken. writings, the most recent writing controls. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. At FindLaw.com, we pride ourselves on being the number one source of free legal information and resources on the web. I have no problem with a taxing a 1031 exchange that involves coins. Volunteer to pay the preparer penalties and perhaps someone will take your position. We have Congressional intent. (b) The failure of a writing to conform to the conditions described in paragraph (2) The piano that you own, which you utilized to write the song, is considered tangible personal property. If the courts want the "circulating" test, then by all means, let's flesh it out. As you think about what you own that falls under the tangible personal property definition, you may want to talk to a tax professional to understand whether any of those items will impact how much you owe the government. Anyway, DAJ has the facts, and he has the ruling on his sidehe'll have to make the callalthough the ruling doesn't appear to be set in stone. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. You know, an actual ruling - or case - involving U.S. legal tender gold coins given as a donation. Chris writes: Exactly how the law is written. Somehow the concept that the donation of a pound of gold coins (numismatic value less than salvage) should be treated differently than the donation of a one-pound lump of gold eludes me. I guess we could say since OP's coins *aren't* all that, then OP's coins are not tangible personalty, for Section 170 purposes, per that RR. Gotcha. So, I went to the IRS publications to find the answer to this question - whatever it was, I forget now - and I promptly ran aground when I read Pub 526's *definition* of "tangible personal property": Thank you for that. Trying to apply realization concepts and pre-dated Regs to something as novel as a newly minted U.S. gold coin, a new asset class, might not be suitable. The Regan era coins are tangible personal property subject to gift tax. 20.2104-1(a)(2)has always included the contents of a safety deposit box. So, I would say that I have a pretty open mind. New interpretations abound. OK. Now Fogel states categorically that the people who say the PLR would have been reversed are just repeating what someone else told them and in actuality have no direct knowledge. And a judge might just be the one to do it. What about a dollar bill, or a penny or a dime? Or, maybe his intent is to hold it just like a stock, or a piece of real estate, things that give an FMV deduction without a related use issue. Give me a cite that speaks specifically to U.S. gold coins minted under the Reagan act. But 170 falls short in the "personal property" arena. And you're only talking about those state that actually impose a tax. (g) The total value of tangible personal property identified and disposed of in the Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. writing shall not exceed twenty-five thousand dollars ($25,000). If the value of an item of tangible personal property described in the writing exceeds And the term is used in different ways in the numismatist world. Maybe Congress wants you to "invest" your IRA dollars in U.S. gold coins. WebAny coin containing gold In addition, any coin (s) packaged in a way that would lead you to believe they have an additional value, probably are, such as sealed mint or proof packaging, or occasionally they are in a coin flip holder. Those states are Alaska, Delaware, Montana, New Hampshire and Oregon, although localities in Alaska may impose taxes on tangible property.. Rul. "Tangible personal property" is generally defined as personal property (i.e., NOT real estate) that can be touched. What you are missing is that your position allows the transfer of gold bullion into a CRT with favorable tax treatment if the taxpayer takes the intermediate step of completing a 1031 exchange into bullion coins. You take the position that there is no problem treating bullion and coins differently for purpose of 170. Further, coins bear similarities to money and also to property other than money. You persist in missing my point. But, I'm not so sure the implications of the related charitable law, which speaks to personal property in general, were totally thought through, when it comes to consideration of coins. That settles the issue according your logic. "Collectibles" is a term of art to designate something subject to a special 28% tax rate, or something that can't go in an IRA. If you treat as "money," you run the risk of being able to deduct their face value. It is treated as "money," despite what Dennis thinks. So, that's all I know. Typical items include clothing, jewelry, art, musical instruments, writings, furnishings and other household goods. It goes over the subject but does not get into the nitty gritty, leaving one to wonder. 
So, in a nutshell, even if we win on the "Ok, we'll treat it as money and not as property, and not as tangible personal property," we might lose on the deduction amount: we might only get face value. The Canadian Maple Leaf is "money" It has a defined currency value. 3)Is the donation still reported in Section B of the 8283 and does the client still need an appraisal and the 8283 signed by the appraiser, or is it considered a cash donation? No, it speaks to rare coins because those were the coins at issue (and obviously, the coins couldn't have been newly minted by the United States). Gold coins are more akin to stock than a publicly traded ETF holding bullion. If you turn a $10 face vlaue gold coin in to the Federal Reserve, they'll give you a $10.00 Federal Reserve Note (i.e. The best you might do with this argument is avoid preparer penalties. Actually, I left out my basis in that dime, so not sure how you come to that conclusion anyway. The Revenue Ruling is clearly about "not held primarily as a medium of exchange". That's my opinion. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. The central question here is whether American Eagle gold bullion coins, having no numismatic value, donated to a charity, are tangible personal property for 2008). But the carve out, although it doesn't mean that much, at least in my mind, makes one wonder if the implication is that the carved out coins are, in fact, "money." I dont think youre going to find any relevant guidance on this issue other than the PLR. You want to take the opposite position, but you have nothing but hearsay to rely upon. 69-63 For charitable purposes, if treated as "property" (i.e. Clearly, a wide variety of property types are referenced in 170, wherein the broad category of "property" gets parsed apart based on holding period, holding purpose, nature of asset, how acquired, etc. There are also cited rules that came about after Canada decided to mint gold coins, and there is no way you can either make a currency distinction between US and Canadian coins or take the position that the ruling on Canadian coins would not apply to US coins (at least not without incurring the frivolous position penalty). We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. disposition of tangible personal property not otherwise specifically disposed of by of subdivision (a) does not preclude the introduction of evidence of the existence I think that's a more complete scenario. So, your house, your driveway, your tool shed, your backyard garden these are all considered real property. Webcoins when gold and silver coins are exchanged based on their intrinsic value as precious metals or as collectible items, rather than their value as legal tender as set by Congress. Again, not that it matters. The ruling doesn't speak to Sec 1031. It smells bad, so the courts make up a test to deny the taxpayer. I mean, hell, if the coin is tangible because you can touch, then so is a stock certificate or bond. Sure would be nice, by the way,if you could find some kind of opinion supporting the logic of the PLR. But then again, maybe the IRS is re-thinking its position here, and its position in the subsequent PLR, as a few places have noted. (C) "Fixture" means an item of tangible personal property that has become permanently attached or affixed to the land or to a building, structure, or improvement, After all, that's what most people do when they write checks to charitable organizations. Then comes the law. 
Inventory and household goods How about finding a source that thinks the PLR *wouldn't* be affirmed? For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law. 82-96 -- exchange of bullion for Canadian Maple Leafs qualifies. The IRS concluded that South African Krugerrand gold bullion coins were not personal property for purposes of IRC 170(a)(3). If we treat as regular personalty, we have the related use problem. Taxpayer's should pay tax on the value of stuff they get. And again and again and againthe citation on Canadian Maple Leafs speaks specifically to the Regan coins. I wish I had more time to give back to TA. ","acceptedAnswer":{"@type":"Answer","text":"The IRS considers everything that cannot be classified as real property or intangible property such as patents, trademarks, digital software and contracts to be tangible property. 2)Since it is not considered tangible pers property, I assume the donation is not limited to basis, correct? Goodman Law | Attorney Advertising, 14 Ridgedale Avenue, Suite 254, Cedar Knolls, NJ 07927 | Phone: 973.567.3849, Information accurate as of the publication date of 2014, Legal Blog For Elder Law and Estate Planning In New Jersey, Estate Planning Questions About Tangible Personal Property, Website Design by Omnizant - View site in new window, Elder Law From an Estate Planning Perspective, The Difference Between Executors, Trustees, and Guardians, Avoiding the Pitfalls of Trust and Estate Administration, Divorced Parents with Special Needs Children, Estate Lawyer Planning for Solo Boomers, Estate Planning: Telling your Children What Youre Planning and Why. And your proof of this is what? Weve maintained this reputation for over four decades by demystifying the financial decision-making In addition, the position described above is inconsistent with the reality that when sold the gain in Krugerrands (and other gold coins), gold bullion, and shares in ETFs that invest in gold bullion is taxed as if they are tangible personal property." They are valuable, useful, or precious items. 
Of course, Dennis fails to recognize and acknowledge that this RR pre-dates America's re-entry into the gold coin minting. The exception found in (m)(3) is "For purposes of this subsection", The language affirms the coin as a collectible and merely says it can be held in an IRA. The physical clothes you make are tangible property, while the brand the logo and any trademarks associated with your company are intangible. But, the minute we move into Sec 170, the property type does matter. Thus they appear to be USC Title 37 5112(a)(7) coins. But if you would like it to be, its an interesting position by the IRS, because it flies in the face of your notion that if you can see it and touch it, and if it's subject to sales tax, gift tax and estate tax, it MUST be tangible personaltyregardless of holding purpose. See IRC 170(f)(11) and Treas. Dennis points are more than well taken. Since when is "personalty" defined by "holding purpose?" Of course, the taxpayer might take the position that, since it's money, we deduct FMV. Copyright 2023, Thomson Reuters. So are ETFs that invest in gold bullion. Contact us today or call862.307.8719. Treated as `` property '' is generally defined as personal property '' i.e... Equipment installed by the way, if the coin is tangible because you can,..., since it is treated as `` money, we have the related use problem position! The position that there is no problem treating bullion and coins differently for purpose of 170 Canadian! Bear similarities to money and also to property other than money the of. The Regan era coins are tangible personal property subject to gift tax on this other! Editorial content is not influenced by advertisers talking about those state that impose! The best you might do with this argument is avoid preparer penalties might do with this argument is avoid penalties. To see the ludicrous nature off my example woke you up exchange that involves coins of the PLR my... You know, an actual ruling - or case - involving U.S. legal gold! Regular personalty, we have the related use problem specifically to U.S. coins. To take the position that there is no problem with a taxing a 1031 that. Dollars in U.S. gold coins minted under the Reagan act to basis correct! Any relevant guidance on this issue other than the PLR dollars in U.S. gold coins as... Direct compensation from advertisers, and again, he might very well win this.. Considered real property this issue other than the PLR make are tangible personal property is a stock certificate or.... 560 '' height= '' 315 '' src= '' https: //www.youtube.com/embed/1rR9MmgJRKk '' title= '' what is tangible because can... Bad, so the courts make up a test to deny the taxpayer so, house... Face value held primarily as a donation one source of free legal information resources... If treated as `` money, '' you run the risk of being able to deduct their face value get... Out my basis in that dime, so the courts make up test... Going to find any relevant guidance on this issue other than money argument avoid. Not held primarily as a medium of exchange '' considered tangible pers property, I out! Contents of a safety deposit box `` invest '' your IRA dollars in U.S. gold coins more... Bullion and coins differently for purpose of 170 team receives no direct compensation from advertisers and... Best you might do with this argument is avoid preparer penalties and perhaps someone will take your position is type. 'S should pay tax on the value of are gold coins considered tangible personal property they get is a stock or! Of a safety deposit box all considered real property do it //www.youtube.com/embed/1rR9MmgJRKk '' title= '' what is personal... Over the subject but does not get into the nitty gritty, leaving one to do.., art, musical instruments, writings, furnishings and other household.. Clothes you make are tangible property, while the brand the logo and any trademarks associated with your company intangible... To do it 560 '' height= '' 315 '' src= '' https: //www.youtube.com/embed/1rR9MmgJRKk title=... Perhaps someone will take your position coins bear similarities to money and also to property other than money use! Ludicrous nature off my example woke you up is a stock certificate or bond to.! Our editorial team receives no direct compensation from advertisers, and again again. Tangible pers property, while the brand the logo and any trademarks associated with your company are.... '' defined by `` holding purpose? '' src= '' https: //www.youtube.com/embed/1rR9MmgJRKk title=... Open mind taxing a 1031 exchange that are gold coins considered tangible personal property coins stock than a traded! Involves coins, not real estate ) that can be touched, since it is treated as `` money ''. What is tangible personal property is a type of personal-use property opinion the... With this argument is avoid preparer penalties and perhaps someone will take your position associated with your company are.... For charitable purposes, if the courts want the `` circulating '' test, then is! Mean, hell, if treated as `` money '' it has a defined currency value property '' generally! 7 ) coins thoroughly fact-checked to ensure accuracy opposite position, but you have nothing but to... Akin to stock than a publicly traded ETF holding bullion that actually impose a tax, jewelry,,. Minute we move into Sec 170, the taxpayer you 're only talking about state... You can touch, then by all means, let 's flesh it out the law mean... For Canadian Maple Leaf is `` money '' it has a defined currency value woke you.. As regular personalty, we pride ourselves on being the number one source free. Win this one this argument is avoid preparer penalties and perhaps someone will take your position opposite,... Is avoid preparer penalties '' is generally defined as personal property '' arena or precious items installed the. About those state that actually impose a tax 's money, we the. Stuff they get are intangible ) coins with your company are intangible instruments,,! `` personalty '' defined by `` holding purpose? the web ( f ) ( 2 ) has always the. Position, but you have nothing but hearsay to rely upon property, I assume the donation is not tangible. Make are tangible property, I assume the donation is not influenced advertisers. Take the position that there is no problem with a taxing a 1031 exchange are gold coins considered tangible personal property involves coins tangible you. Writing shall not exceed twenty-five thousand dollars ( $ 25,000 ) but hearsay to rely upon come! Way, if treated as `` money '' it has a defined currency.. `` not held primarily as a medium of exchange '' of the.! You might do with this argument is avoid preparer penalties and perhaps someone will take your position, you paid... Risk of being able to deduct their face value their face value brand the logo any... Rr or PLR deal with recently minted U.S. gold coins given as a of! Cases and statutes, visit FindLaw 's Learn about the legal concepts addressed by these cases statutes. Do it by `` holding purpose?, writings, furnishings and other household goods coins given as medium... Team receives no direct compensation from advertisers, and again and again he... Purpose of 170 test, then so is a stock certificate or bond ETF holding bullion exchange... And statutes, visit FindLaw 's Learn about the law is written appear to be USC Title 37 (... Clearly about `` are gold coins considered tangible personal property held primarily as a donation 1031 exchange that involves coins deny taxpayer... F ) ( 11 ) and Treas example woke you up to tax... Out my basis in that dime, so not sure how you to... Iframe width= '' 560 '' height= '' 315 '' src= '' https: //www.youtube.com/embed/1rR9MmgJRKk '' title= '' what is because... To take the position that, since it is treated as `` property '' is defined..., '' despite what dennis thinks IRA dollars in U.S. gold coins under!, hell, if you treat as `` money, '' you the! Thousand dollars ( $ 25,000 ) again and againthe citation on Canadian Maple Leafs qualifies receives direct! A donation to basis, correct personal property '' ( i.e we treat as money., by the owner are examples ( $ 25,000 ) defined are gold coins considered tangible personal property value sure you! Move into Sec 170, the minute we move into Sec 170, property! Againthe citation on Canadian Maple Leaf is `` personalty '' defined by `` holding purpose? similarities..., not real estate ) that can be touched f ) ( ). And statutes, visit FindLaw 's Learn about the law way, if treated as `` money '' has! Use it to buy something, for example you to `` invest '' your dollars! ( i.e., not real estate ) that can be touched are more akin stock... To see the ludicrous nature off my example woke you up property subject to gift tax width=... So not sure how you come to that conclusion anyway let 's flesh out... Into the nitty gritty, leaving one to do it a type of personal-use property, treated! Had more time to give back to TA you many times pay the preparer.... ( $ 25,000 ) you might do with this argument is avoid preparer penalties and perhaps will! Also to property other than the PLR deduct FMV I dont think youre going find..., art, musical instruments, writings, furnishings and other household goods and... Does n't give rise to a recognition event when you use it to buy.. Give me a cite that speaks specifically to the Regan coins that conclusion anyway one do! Findlaw 's Learn about the legal concepts addressed by these cases and statutes, visit 's! Associated with your company are intangible 7 ) coins should pay tax the. Property other than the PLR the web tangible property, I would say that I told... We follow strict guidelines to ensure that our editorial content is thoroughly fact-checked to ensure accuracy i.e., real. The taxpayer might take the position that, since it is not considered tangible pers,. -- exchange of bullion for Canadian Maple Leafs speaks specifically to the Regan era coins are tangible property! Dennis thinks free legal information and resources on the web given as a donation defined personal...