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#1
01-24-2006, 04:20 AM
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 Re: Sale of gifted ring - cannot locate basis Stuart A. Bronstein <spamtrap[at]sbcglobal.net> wrote: - quote - > "BobLeavitt" <robertl101[at]hotmail.com> wrote:
At what time? It's a gift, so she keeps her grandmother's> > Back in the 1950s, before she died, my grandmother gave my > > sister a ring. Well, it turns out that this ring is > > currently worth maybe $35,000. My sister wants to sell it > > but we have no idea of its original cost. There is no > > paperwork evidencing the gift. I cannot say with any > > certainty that I recall my grandmother giving the ring to > > her. > > > We cannot support any basis nor can we produce evidence that > > any gain is a long term gain. > > > Any suggestions as to how to report the sale for tax > > purposes? > A good appraiser should be able to determine what it would > have been worth at that time. basis, which probably can't be known. I would treat it as long term capital gain, with a basis of $0. If it had been inherited, it would have a basis of value at the time of grandmother's death. Seth << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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01-23-2006, 06:32 AM
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| Re: Sale of gifted ring - cannot locate basis "BobLeavitt" <robertl101[at]hotmail.com> wrote: - quote - > Back in the 1950s, before she died, my grandmother gave my
A good appraiser should be able to determine what it would> sister a ring. Well, it turns out that this ring is > currently worth maybe $35,000. My sister wants to sell it > but we have no idea of its original cost. There is no > paperwork evidencing the gift. I cannot say with any > certainty that I recall my grandmother giving the ring to > her. > We cannot support any basis nor can we produce evidence that > any gain is a long term gain. > Any suggestions as to how to report the sale for tax > purposes? have been worth at that time. Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-22-2006, 10:54 AM
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| Sale of gifted ring - cannot locate basis Back in the 1950s, before she died, my grandmother gave my sister a ring. Well, it turns out that this ring is currently worth maybe $35,000. My sister wants to sell it but we have no idea of its original cost. There is no paperwork evidencing the gift. I cannot say with any certainty that I recall my grandmother giving the ring to her. We assume that upon sale, my sister will receive a 1099 from the jeweler handling the sale and the sale will be a taxable event. We cannot support any basis nor can we produce evidence that any gain is a long term gain. Any suggestions as to how to report the sale for tax purposes? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| basis, gifted, locate, ring, sale |
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