Valuation of coin collection

[silverfrommars]

Hello there.

Could someone explain to me how I value my coin collection for tax purposes, is  it done off legal tender value ( which I doubt ), precious metal value or numismatic value.

If it is numismatic value would I have to work out an average price say off ebay or simply get the coin valued by a merchant?

I don't need an exact figure though just a rough idea.

Andrew.

[Martlet]

Until you sell it, you dont need to do any valuation.  Same as any other asset.

When you do sell, you evaluate the cost price and sale price, if along with any other asset sales the profit is over the CGT threshold (about £11k), you report it and pay CGT, otherwise do nothing.  (check that last detail with accountant, maybe some circumstances you still need to report even if no CGT to pay)

[ilovesilverireallydo]

Only time you need to value it if you arent selling, is for insurance purposes. 

[Lowlow]

On 3/16/2018 at 05:00, ilovesilverireallydo said:

Only time you need to value it if you arent selling, is for insurance purposes. 

.. or when you kick her to the curb and she wants have your &^%$.

[ilovesilverireallydo]

7 minutes ago, Lowlow said:

.. or when you kick her to the curb and she wants have your &^%$.

Then you undervalue it.