I heard that if I bought a piece of jewelry (ring, pendant, etc.) for a certain amount, and then I had that piece of jewelry appraised and it turned out to be worth alot more than the price I paid, I would have to pay more taxes to the IRS/Government because of the jewelry's high value, regardless of the low price I paid...is this true?
2007-11-10 18:22:07 · 3 answers · asked by brazosbasso 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Not until you sold it. Assuming that you sold it for more than you paid for it, you'd have to pay tax on the gain.
2007-11-10 18:38:58 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
a time-honored jeweler could be waiting to appraise it. So could an vintage jeweler. you may even do the two and make confident they're respected. I actually have a gold mourning ring it particularly is dated 1838 on the inscription. i've got been informed various cases it particularly is no longer well worth something. yet they'll take it off my palms for $10. i do no longer think of so.
2016-12-08 18:15:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Jewelry appraisals are notoriously high and resale value of used jewelry notoriously low. A retail jewelry buyer should only buy things they want to use for their own pleasure and not worry about future value.
2007-11-11 08:17:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋