Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

If i sell a piece of jewelery for 25,000$ how much will i

Customer Question
pay in taxes...
if i sell a piece of jewelery for 25,000$ how much will i pay in taxes
Submitted: 9 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 6 minutes by:
12/2/2008
Tax Professional: Arthur Rubin, Tax Preparer replied 9 years ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
Verified

Dear *****,

Thank you for using Just Answer. Assuming you live in Florida and the sale was made in Florida:

We need to know what kind of tax you're talking about.

For sales tax, we'd need to know in what (county) you make the sale.

For income tax, we'd need to know how long you've held the jewelery, how much you paid for it, and information about your other income and deductions.

Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
Verified
Arthur Rubin and 87 other Tax Specialists are ready to help you
Ask your own question now
Tax Professional: Arthur Rubin, Tax Preparer replied 9 years ago

Dear *****,

I'm sorry about the confusion. The above was not intended as an answer, but as a request for information. I had a computer glitch. Please do not feel obligated to "accept" the answer, as it's not yet complete.

Assuming you live in Florida and the sale was made in Florida:

We need to know what kind of tax you're talking about.

For sales tax, we'd need to know in what (county) you make the sale.

For income tax, we'd need to know how long you've held the jewelery, how much you paid for it, and information about your other income and deductions.

Ask Your Own Tax Question
Customer reply replied 9 years ago
The jewelry was a gift back in 2001 and i am selling it to a person from new jersey and i live in florida
Tax Professional: Arthur Rubin, Tax Preparer replied 9 years ago

It's not entirely obvious, but there doesn't appear to be a sales tax consequence, although the purchaser may need to pay New Jersey use tax. That's not your concern, however.

If the the jewelry was a gift, then I'm afraid you need to know the basis it had in the hands of the giver, in order to determine whether any Federal capital gains tax is due.

Your basis for calculating a gain is the giver's basis, unless he or she paid gift tax. Gain is taxable as a long-term capital gain as a "collectible" item, so (after being offset by any capital losses, which you may very well have if you have investments), it is taxed at your regular tax rate, but limited to 28%.

Your basis for calculating a potential loss is the lesser of the giver's basis and the value of the jeweler at the time of the gift, although, if you used the item of jewelery, losses are not deductible.

Ask Your Own Tax Question
Customer reply replied 9 years ago
The jewelry in question is a sports ring. which was presented to me in 2001.
Tax Professional: Arthur Rubin, Tax Preparer replied 9 years ago

Dear *****,

I'm afraid I made a mistake above, but thank you for clarifying and giving me an opportunity to correct my mistake. It now appears that this was not a "gift" under IRS definitions, as you got it in return for some sports activity.

If, hypothetically, you are http://en.wikipedia.org/wiki/Tom_Nieto , then of the New York Yankees, the ALCS championship ring should have been reported as part of your salary in 2001. It's still a collectible, but your basis is what was then reported.

Ask Your Own Tax Question
Customer reply replied 9 years ago
Thank you , and i would like to keep this inquiry confidential .
Tax Professional: Arthur Rubin, Tax Preparer replied 9 years ago

I'm afraid it's too late for it to be considered "confidential", as anyone who happens to be reading the tax section can see this, but it will disappear from there within 24 hours. I won't reveal it to anyone, though.

May I suggest that you close the question as soon as you receive an answer you can accept, to reduce the time it is visible to other people. I have no idea whether this site is indexed by Google, but if it isn't, there will be little trace of your question and answer after the question is closed.

Ask Your Own Tax Question
Ask Arthur Rubin Your Own Question
Arthur Rubin
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
Satisfied Customers: 1,561
1,561 Satisfied Customers
Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.

Arthur Rubin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
20% tax deduction for pass through entities is limited for
Hi there. 20% tax deduction for pass through entities is limited for service providers like doctors. My question is: An S-Corporation provide medical billing services like sending claim, collecting mo… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,074 satisfied customers
I have a capital gain from sale of stocks question. If I
Hi, I have a capital gain from sale of stocks question. If I bought 100shares of $30 stock, and then later sold all shares for $50 ea, how much tax do I owe on the $2,000 gain? What if the stock price… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
On form 1041, capital gains have to be taxed at the estate
On form 1041, capital gains have to be taxed at the estate level, correct? No distribution deduction may be taken?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
What are the turm capital gains tax on properties that are
what are the long turm capital gains tax on properties that are in germany? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
This is an income tax question. I am thinking of Deducting
This is an income tax question. I am thinking of Deducting next years giving to church this year with pending changes to tax law. As I recall, higher income levels reduce schedule allowable deductions… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
The gift tax return was due in year 2012 and 2013 and donor
the gift tax return was due in year 2012 and 2013 and donor forgot to file it. now what are the consequences for donor and receiver?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,074 satisfied customers
I'm working to understand capital gains tax for California
I'm working to understand capital gains tax for California property purchased 4 years ago. It's a primary residence, purchased 4 years ago for $385k with $285k principle outstanding. Expected sale price of $630k … read more
abci168
abci168
Principal
27 satisfied customers
I'm canadian who want to understand capital gains tax rate.
Hi, i'm canadian who want to understand capital gains tax rate.I have a rental house that i bought at 500K. I sold it after 9 yrs at 1100K. With the money, i bought a new house (will be my primary res… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
Form 1120, cash basis. If Taxes paid to IRS are deductible,
Form 1120, cash basis. If Taxes paid to IRS are deductible, are refunds for overpayment the equivalent of income?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,074 satisfied customers
Two questions on federal tax deductibility: 1. We personally
Two questions on federal tax deductibility: 1. We personally paid legal fees for our manufacturer C Corp. The fees were for assistance in preparing a Research & Development tax credit application. Can… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We have $400,000 in capital gains for the sale of our
We have $400,000 in capital gains for the sale of our California home of … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
You may recall that tax deductions are only deductible by
You may recall that tax deductions are only deductible by the legislative grace of Congress. After this lesson, you might have realized that Congress was pretty generous with the types of business exp… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
Estate capital gains tax rate for 61, single, unable to
estate capital gains tax rate for 61, single, unable to work, is claimed as a dependent form sister,only income collects $500 month stipend from gov., which pays for health insurance and meds. is gett… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What is the capital gains tax on proceeds of the sale of a
What is the capital gains tax on proceeds of the sale of a home? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
Capital Gain - A taxpayer has capital loss (short term and
Capital Gain -A taxpayer has capital loss (short term and long term) carryover from stock sales. He also has loss carryover from rental property.When he sales the rental property, all the rental loss … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Sudden large stock sale with large capital gains. For
Sudden large stock sale with large capital gains. For federal and NY state income tax purposes, if I pay 110% of the taxes I paid in 2016, will I avoid any penalty when final tax bill is due April 15,… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,282 satisfied customers
Second opinion] Has the tax rate in Peru on capital gains
Second opinion] Has the tax rate in Peru on capital gains for non residents recently been changed? I heard it is now 5% and no longer 30%.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x