My mother-in-law wants to convert some gold coins, specifically American Gold Eagles and Canadian Maple Leafs, into CDs and/or money market funds. How does one convert gold coins into cash in order to do this? What are the IRS reporting requirements?
From high-end jewelers to coin dealers to pawnshops, you'll have little trouble finding buyers for those coins. But to maximize your profit, Alan Olsen, a certified public accountant in Fremont, Calif., with Greenstein, Rogoff, Olsen & Co., offers a few tips:
Read article: Financial Q&A: gold-coin sales tactics and taxes - csmonitor.com
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