Son's Coins?

[Flamingo]

I thought of that but isn't a minor's property really the property of the parents?

Correct, plus the child (minor) is a dependent and claimed on your taxes and is a household member. Usually one does not have to include items like the child's clothing, etc. but these are collectable coins so in a situation such as this, it's best to speak directly with one's attorney.

[buster123]

I thought of that but isn't a minor's property really the property of the parents?

[keepmine]

I'd not list it.
This is his property-not yours.

[buster123]

The is no wildcard for NY. But I hope I can use the $5000K per person for covering his coins.

[2manybills]

It is State specific. backtoschool is a NY girl, maybe she'll chime in here. I know here, you can use let's say if your car is worth $8K, and you have a $5K exemption, you can use the other $3K from your "wildcard" that we have in CA. Check your State's exemption site, but as far as I know, if you have a general amount for exemption, you can use it for what you need to.

[buster123]

Are you sure? I thought there were limitations for certain categories. For example... I know that a watch is allowed in the $5000 limit but it can't be valued at more than $35. Do collectables have limits or as long as they fit within the $5000 limit per person, we are fine? Isn't it state specific?

[2manybills]

I have a question about a child's coin collection. My 7 year old son has been collecting coins for a couple years. He doesn't have anything that's very valuable. Mostly common type coins and some commemoratives. He's rec'd some as gifts from family members over the last couple years as well.

I went through it today and anything that wasn't a modern standard circulation coin (which I estimated as face value), I looked up on eBay to see what people were paying for them. After adding up all the face value coins and the prices I got from eBay, I come up with a general resale value of about $700.

How is something like this handled? My wife and I don't have much of value in our home either. We have a car worth about $1400 that we want to keep, furniture and other property (appliances, clothes, electronics...) are worth about $3500. Would my son be able to keep the coins? He is VERY attached to them and it would be horrible taking them away. We live in NY and I know we have a total of $5000 of exempt property allowed per person but not sure if something like coins are not allowed to be kept at all.

Yes. You can exempt whatever you want. Also, don't go by ebay "retail" value, I would go by like a craigslist price or something. Value at garage sale prices, not retail.

[buster123]

I have a question about a child's coin collection. My 7 year old son has been collecting coins for a couple years. He doesn't have anything that's very valuable. Mostly common type coins and some commemoratives. He's rec'd some as gifts from family members over the last couple years as well.

I went through it today and anything that wasn't a modern standard circulation coin (which I estimated as face value), I looked up on eBay to see what people were paying for them. After adding up all the face value coins and the prices I got from eBay, I come up with a general resale value of about $700.

How is something like this handled? My wife and I don't have much of value in our home either. We have a car worth about $1400 that we want to keep, furniture and other property (appliances, clothes, electronics...) are worth about $3500. Would my son be able to keep the coins? He is VERY attached to them and it would be horrible taking them away. We live in NY and I know we have a total of $5000 of exempt property allowed per person but not sure if something like coins are not allowed to be kept at all.