I've sold some jewelry (including my engagement ring) but I'm afraid that if I put it in my account I will be charged taxes on it. Will I be?
2007-10-23 03:50:59 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
bank will report transaction over 10K.
On the other hand; it's just about impossible to cash a large check any place else.
2007-10-23 03:55:19 · answer #1 · answered by wizjp 7 · 0⤊ 0⤋
You do not indicate where you live, but generally sales of jewelry are not subject to taxation, unless you have managed to make a profit on such a sale, which is rare for jewelry.
Deposit the check without fear.
2007-10-23 10:57:20 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
if you sold the jewelery as second hand and got less than what you paid for it, then you don't have to pay tax on it, but if you made profit by selling it, then depending on the amount of profit, you might have to pay tax. either way, you have to go to a bank to cash in a cheque.
2007-10-23 11:05:49 · answer #3 · answered by nuggeteli 4 · 0⤊ 0⤋
you will be fine......
2007-10-23 10:58:46 · answer #4 · answered by becca9892003 6 · 0⤊ 0⤋