I have this jewelry that i aquired from an estate sale. Am not sure if to keep or sell, give some input please

Question

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=150128329305
above is the link of the items. View them and let me know more, i know they are Native American and the trader was Cherokee. Am not sure if to sell or keep them, am downsizing on my collection and i need some money for a project. Assist in any way. I have them on eBay for now, my ID is yellooh

Answer 1

Probably should get it appraised as if you keep it, you may want to insure it.

If you give it away, then you may want to take a tax deduction. The appraisal will justify the deduction to the extent of what you paid for it. You cannot deduct more than you paid. Otherwise, the difference would become income.

However, if one inherits property, then the current value can be deducted. Deductions would be itemized on Schedule A, Form 1040. For items in excess of $250, there is a separate form that needs to be included. Neither is difficult to complete.

/

Answer 2

Wow....what great way to bring people to your auction. I doubt there is any sentiment behind the jewlery AND you say you need the money. AND its ALREADY on EBAY.....Hummm...I Dont know....???!!!