What to do if you inherit gold or other precious metals

March 5, 2026

TL;DR

Obtain a professional appraisal immediately to establish the fair market value at the date of death for tax purposes.
Understand the 'step-up in basis' for inherited gold, which resets the cost basis to its value at the time of inheritance, meaning you only pay taxes on gains above that value.
Be aware that physical gold is taxed as a collectible, with long-term gains subject to a maximum rate of 28%, which is higher than typical capital gains taxes.
Prioritize secure storage, either through private vault facilities or a high-quality home safe with appropriate insurance, given the high current value of gold.
Consider options such as holding the gold for potential further appreciation, selling it, or rolling it into a self-directed gold IRA for tax advantages.
Document all aspects of the inheritance, including appraisals, estate documents, storage records, and sale receipts, to save time and stress later.

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