So my dad recently inherited some gold and also a form of gold flakes that need to be added to a solution to be turned back into gold. But anyway the jist of it is that this company my dad is talking to, elemental wants him to fill out a bunch of paperwork for him to basically become a dealer to make 90% over the 60% they could pay him. Does anyone know anything about any of this thay could help? I keep ttying to tell him to wait until after the election. But have any of you ever sold larger quantities of gold or ha e any insight on stuff like this? I figured id start here since i feel like this is my "place" on the internet. Thabks for any answers. We are in the begining stages of this but i need to hit my dad with any relevant information asap
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In my research I have learned that there are reputable private precious metal dealers in most communities (a step up from pawn brokers, but they are okay, too). If it's less than $10K, there's not paperwork... or at least that's what I was told. So, maybe sell 4 coins, then the next week another 4 coins... but I recommend hanging on to at least half of what he inherited (I am assuming he wants to sell because he needs some cash). Keep in mind income tax... so, if you have a friend in a state that just ended state taxes for precious metal sales, work with them to get it sold. Still have to pay federal tax, however the most important point of all of this is that it is an inheritance... so maybe the first step is to talk with a financial advisor and/or attorney to ensure that it was received as an inheritance and therefore not taxable under a certain amount. Anyway, a lot of variables... so, I guess my first recommendation is to speak to a trusted advisor, maybe a family friend who deals with inheritance tax.