Got divorced how to get most value for exes wedding ring

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
Topic Author
Nasman
Posts: 32
Joined: Tue Sep 29, 2015 1:46 pm

Got divorced how to get most value for exes wedding ring

Post by Nasman »

Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
mortfree
Posts: 2401
Joined: Mon Sep 12, 2016 7:06 pm

Re: Got divorced how to get most value for exes wedding ring

Post by mortfree »

There was a website called. I do, now I don’t.

See if they still let you list rings there
User avatar
Sandtrap
Posts: 11737
Joined: Sat Nov 26, 2016 6:32 pm
Location: Hawaii No Ka Oi , N. Arizona

Re: Got divorced how to get most value for exes wedding ring

Post by Sandtrap »

Pawn Shop?
Jewelry Store?
Ebay?
Save for another time in the future. . .. perhaps have the stone reset?

j :happy
Wiki Bogleheads Wiki: Everything You Need to Know
User avatar
sergeant
Posts: 1612
Joined: Tue Dec 04, 2007 11:13 pm
Location: The Golden State

Re: Got divorced how to get most value for exes wedding ring

Post by sergeant »

How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
AA- 20+ Years of Expenses Fixed Income/The remainder in Equities.
stoptothink
Posts: 8288
Joined: Fri Dec 31, 2010 9:53 am

Re: Got divorced how to get most value for exes wedding ring

Post by stoptothink »

sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
User avatar
AerialWombat
Posts: 1761
Joined: Tue May 29, 2018 1:07 pm
Location: Cash Canyon / Cashville

Re: Got divorced how to get most value for exes wedding ring

Post by AerialWombat »

.....
Last edited by AerialWombat on Sun May 17, 2020 2:51 pm, edited 1 time in total.
User avatar
BB76
Posts: 41
Joined: Mon Dec 17, 2018 3:12 pm

Re: Got divorced how to get most value for exes wedding ring

Post by BB76 »

I sold some family heirloom jewelry as well as a diamond ring my wife just didn't care for a few years ago. My primary suggestions are don't sell to a pawn shop as you could definitely get more from doing a little legwork and don't try to sell it yourself online as you open yourself up to potential fraud and being taken advantage of by unscrupulous buyers. Sites like eBay nearly always take the buyer's side in a dispute so if a buyer tries to backtrack and rip you off after receiving the piece, you will receive little recourse from eBay.

I don't remember the exact service / site I used, but it was a type of online diamond broker, something similar to Worthy.com and AbeMor.com. You'll take a hit off retail price, but they're intending on making money via the reset and/or resale. Do a little homework on similar services and find the one with whom you're most comfortable. Ask any questions upfront as you will obviously have to send in the piece prior to payment. If I remember correctly, I communicated as many details about the jewelry I had and received a preliminary estimate. They sent prepaid packaging materials so I could send everything insured and track-able. Following receipt, they sent a "firm" offer which I negotiated up slightly due to previous comments from a local jewelry appraiser. They accepted and sent a check.

Good luck. :beer
“Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius — and a lot of courage to move in the opposite direction.” ― E.F. Schumacher
Katietsu
Posts: 3977
Joined: Sun Sep 22, 2013 1:48 am

Re: Got divorced how to get most value for exes wedding ring

Post by Katietsu »

Or, if you want to try locally first, look for a jeweler that specializes in estate jewelry or in custom jewelry.
User avatar
ResearchMed
Posts: 10657
Joined: Fri Dec 26, 2008 11:25 pm

Re: Got divorced how to get most value for exes wedding ring

Post by ResearchMed »

Katietsu wrote: Sat May 09, 2020 9:36 pm Or, if you want to try locally first, look for a jeweler that specializes in estate jewelry or in custom jewelry.
Yes.

And does there happen to be any other jewelry item you or a family member might want?
(Oh, perhaps a $5k watch? :twisted: )
Or something like a grandfather clock, crystal lamp or light fixture, silver flatware, etc.?

If there is, it would probably work best if you could find such an item at a non-chain jeweler, someone who deals with their own jewelry.
If they could re-sell the stone, perhaps in a new setting they design, or such, you might get the best price from them.
I've done that twice, although it didn't involve anything like an engagement ring.

Whatever you do, try very hard to get an offer from at least two jewelers/etc., and then either take the best, or try to get them to up their offers.

And this strategy only has a chance of "working" to your benefit if there truly is something else that you or someone close *really* want, and you'd buy it anyway. Or even something you/they really wanted but might not have purchased, but now would, and would then enjoy very much.

RM
This signature is a placebo. You are in the control group.
HomeStretch
Posts: 4973
Joined: Thu Dec 27, 2018 3:06 pm

Re: Got divorced how to get most value for exes wedding ring

Post by HomeStretch »

Good advice, above. Don’t be surprised when the offers you receive are much lower than your initial purchase price.
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath »

stoptothink wrote: Sat May 09, 2020 8:14 pm
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
I can't imagine her just giving it back I have visions of her throwing it in his face. Otherwise she would be the one asking where she could sell it.
The surest way to know the future is when it becomes the past.
User avatar
whodidntante
Posts: 9087
Joined: Thu Jan 21, 2016 11:11 pm
Location: outside the echo chamber

Re: Got divorced how to get most value for exes wedding ring

Post by whodidntante »

I suggest an epic hike to send it to the fire of Mount Doom in Mordor.
1130Super
Posts: 523
Joined: Thu Nov 07, 2019 8:59 am
Location: Minnesota

Re: Got divorced how to get most value for exes wedding ring

Post by 1130Super »

Nasman wrote: Sat May 09, 2020 6:45 pm Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
If you live in MN I’d be interested
Carter3
Posts: 215
Joined: Thu Oct 31, 2013 12:51 pm
Location: Western Tennessee

Re: Got divorced how to get most value for exes wedding ring

Post by Carter3 »

Selling to a friend or friend of a friend may produce the best return. I have sold a few rings and what I've found was that diamond rings are typically worth about 20% of what you paid for them retail depending on the certification and if you have the certificate.

Is it a diamond ring?

Do not go the pawn shop route or random jeweler. You will come up on the really short end of that deal.

What worked best for me was to separate the stone from the setting and have the stone sold on consignment through a diamond wholesaler.

The metal (gold/platinum etc) I sent to midwest refineries. That way I could weigh the piece and look up the market price of the metal to calculate its value. Midwest refineries then sent me a check.

With this method I have recovered between 55-60% of the entire purchase price.

As mentioned above this is what I have found to work best for me.
User avatar
snackdog
Posts: 911
Joined: Wed Nov 12, 2014 4:57 am

Re: Got divorced how to get most value for exes wedding ring

Post by snackdog »

Save it for round two.
Topic Author
Nasman
Posts: 32
Joined: Tue Sep 29, 2015 1:46 pm

Re: Got divorced how to get most value for exes wedding ring

Post by Nasman »

stoptothink wrote: Sat May 09, 2020 8:14 pm
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
Mitchell777
Posts: 1134
Joined: Mon May 21, 2007 6:32 am

Re: Got divorced how to get most value for exes wedding ring

Post by Mitchell777 »

I had two diamond rings that my grandmother bought at a jewelry store circa 1950 for a bit less than $300 each. I had no idea how to value or sell them so I had them appraised by a jeweler, who I told I would not sell them to, for $4K for both. That is an insurance value so I knew I would not get near that price. After getting a few quotes, the best offer I had for the nicest ring was $150.00. It cost almost as much to have them appraised as they were worth. The resale value is often not good and the internet has pulled down the value also.
Flora
Posts: 112
Joined: Sat Mar 26, 2016 6:19 am

Re: Got divorced how to get most value for exes wedding ring

Post by Flora »

Is it GIA certified? Is it a round diamond or a less desirable shape? Carats, color, clarity?
stan1
Posts: 8886
Joined: Mon Oct 08, 2007 4:35 pm

Re: Got divorced how to get most value for exes wedding ring

Post by stan1 »

Nasman wrote: Sun May 10, 2020 1:02 pm
stoptothink wrote: Sat May 09, 2020 8:14 pm
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
Man up, sarge and stoptothink!
User avatar
TomatoTomahto
Posts: 11111
Joined: Mon Apr 11, 2011 1:48 pm

Re: Got divorced how to get most value for exes wedding ring

Post by TomatoTomahto »

snackdog wrote: Sat May 09, 2020 11:54 pm Save it for round two.
I’m not that superstitious, but I can imagine some resistance from the next candidate.
Okay, I get it; I won't be political or controversial. The Earth is flat.
illumination
Posts: 859
Joined: Tue Apr 02, 2019 6:13 pm

Re: Got divorced how to get most value for exes wedding ring

Post by illumination »

Find an end user that wants the stone and not someone that wants to resale it. You really see what a scam jewelry is when you try and sell it back to them.

If you ever plan to get remarried, you don't have to tell wife #2 you reused the stone.
JediMisty
Posts: 605
Joined: Tue Aug 07, 2018 7:06 am
Location: Central NJ

Re: Got divorced how to get most value for exes wedding ring

Post by JediMisty »

Nasman wrote: Sat May 09, 2020 6:45 pm Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
I had a relatively benign divorce. Offered my former husband the ring back. No shouting or nastiness. He declined. Later I realized I'd never wear them anyway. And too hard to get anywhere close to the "value" of them. Recently gave them to my son for him to gift as he chooses. 10k is a nice ring, probably. So a different story, I guess...
stoptothink
Posts: 8288
Joined: Fri Dec 31, 2010 9:53 am

Re: Got divorced how to get most value for exes wedding ring

Post by stoptothink »

stan1 wrote: Sun May 10, 2020 1:25 pm
Nasman wrote: Sun May 10, 2020 1:02 pm
stoptothink wrote: Sat May 09, 2020 8:14 pm
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
Man up, sarge and stoptothink!
I never had the opportunity. We separated after an argument (I honestly thought we just needed a night apart to cool off), she drove to her parents and I literally never saw her again. I filed for divorce a few months later and dealt exclusively with her lawyer. That was nearly a decade ago. My guess is she sold it to support her expensive jeans or $100/bottle shampoo habit.

Wife #2 was not getting an expensive ring...and she was fine with that.
Calico
Posts: 524
Joined: Thu Jan 01, 2015 5:45 pm

Re: Got divorced how to get most value for exes wedding ring

Post by Calico »

JediMisty wrote: Sun May 10, 2020 1:42 pm
Nasman wrote: Sat May 09, 2020 6:45 pm Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
I had a relatively benign divorce. Offered my former husband the ring back. No shouting or nastiness. He declined. Later I realized I'd never wear them anyway. And too hard to get anywhere close to the "value" of them. Recently gave them to my son for him to gift as he chooses. 10k is a nice ring, probably. So a different story, I guess...
I had a similar situation. It was an amicable divorce, we mediated everything, etc. My ex just told me to keep the ring. I really don't want it and will never wear it again. I tried to sell it but was shocked at how little they wanted to give me for it. So I kept it and I am holding on to it and plan to have it remade into another piece of jewelry as a gift I can give our daughter for a special occasion.

If you can't sell it for a price you like, you could take that path. Have something made for someone else in your family as a gift.
Lookingforanswers
Posts: 60
Joined: Sun May 06, 2018 4:39 pm

Re: Got divorced how to get most value for exes wedding ring

Post by Lookingforanswers »

If you are ever tempted to spend a lot of money on diamonds, this story is a must read. Long story but very entertaining, "Have You Ever Tried to Sell a Diamond?"

https://www.theatlantic.com/magazine/ar ... nd/304575/
Luke Duke
Posts: 1053
Joined: Tue Jun 18, 2013 11:44 am
Location: Texas

Re: Got divorced how to get most value for exes wedding ring

Post by Luke Duke »

stoptothink wrote: Sun May 10, 2020 1:55 pm I never had the opportunity. We separated after an argument (I honestly thought we just needed a night apart to cool off), she drove to her parents and I literally never saw her again. I filed for divorce a few months later and dealt exclusively with her lawyer. That was nearly a decade ago. My guess is she sold it to support her expensive jeans or $100/bottle shampoo habit.

Wife #2 was not getting an expensive ring...and she was fine with that.
Wow. Sounds like you got lucky.
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: Got divorced how to get most value for exes wedding ring

Post by Goal33 »

sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
stoptothink
Posts: 8288
Joined: Fri Dec 31, 2010 9:53 am

Re: Got divorced how to get most value for exes wedding ring

Post by stoptothink »

Luke Duke wrote: Mon May 11, 2020 10:28 am
stoptothink wrote: Sun May 10, 2020 1:55 pm I never had the opportunity. We separated after an argument (I honestly thought we just needed a night apart to cool off), she drove to her parents and I literally never saw her again. I filed for divorce a few months later and dealt exclusively with her lawyer. That was nearly a decade ago. My guess is she sold it to support her expensive jeans or $100/bottle shampoo habit.

Wife #2 was not getting an expensive ring...and she was fine with that.
Wow. Sounds like you got lucky.
With #2, absolutely. With #1, I got taken to the cleaners financially, but was young enough to recover.
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath »

Goal33 wrote: Mon May 11, 2020 10:31 am
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
"However, most consumers selling their jewelry are not profiting from the sale. They may receive money but no profit. Thus, since there is no profit, the tax liability is nothing. If you did significantly profit on the sale of jewelry, you are obligated to report that and pay taxes associated with the capital gain on that asset. Again, because, most consumers do not profit when they sell their jewelry, so there is no tax liability.

While there is no liability, you cannot write off the loss against your taxes either. Put another way, you cannot deduct the loss from the taxes. "


https://sellmy.jewelry/posts/sell-my-di ... plications
The surest way to know the future is when it becomes the past.
nigel_ht
Posts: 1165
Joined: Tue Jan 01, 2019 10:14 am

Re: Got divorced how to get most value for exes wedding ring

Post by nigel_ht »

whodidntante wrote: Sat May 09, 2020 11:32 pm I suggest an epic hike to send it to the fire of Mount Doom in Mordor.
Eagles. Eagles solve all of our problems.
hicabob
Posts: 3155
Joined: Fri May 27, 2011 5:35 pm
Location: cruz

Re: Got divorced how to get most value for exes wedding ring

Post by hicabob »

stoptothink wrote: Sun May 10, 2020 1:55 pm $100/bottle shampoo habit.
I didn't realize $100 shampoo existed, impressive! I feel like a big spender when I buy a bottle of Suave shampoo instead of using soap.
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath »

nigel_ht wrote: Mon May 11, 2020 12:08 pm
whodidntante wrote: Sat May 09, 2020 11:32 pm I suggest an epic hike to send it to the fire of Mount Doom in Mordor.
Eagles. Eagles solve all of our problems.
Or squirrels.
The surest way to know the future is when it becomes the past.
J295
Posts: 2590
Joined: Sun Jan 01, 2012 11:40 pm

Re: Got divorced how to get most value for exes wedding ring

Post by J295 »

I have sold jewelry (diamond rings, bracelets, earrings) as a bankruptcy trustee back in my pre-retirement days. Best results were putting them on an auction (auctioneer places them on an estate sale of high end property). Local jewelers and and local retail customers show up and bid. My auctioneer had a great following any typically on higher priced items already had a few parties willing to put in good value opening bids.
EnjoyIt
Posts: 4649
Joined: Sun Dec 29, 2013 8:06 pm

Re: Got divorced how to get most value for exes wedding ring

Post by EnjoyIt »

Nasman wrote: Sun May 10, 2020 1:02 pm
stoptothink wrote: Sat May 09, 2020 8:14 pm
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her?
That's what I would like to know. Every divorced woman I know (including my ex) kept the ring. That was a good reminder for me to not buy an expensive one the second time around.
To be honest I caught her cheating and took it off her hand when I found out. Threw her out of my house too, it is a long story but I got lucky in the divorce. She got about 155k total but I kept everything else. 155k is less than 7% of my net worth.
If $155k is 7% of your net worth, then the $10k ring that you will be lucky to get $2.5k for is a tiny tiny fraction of that.
Selling it will make you feel "good riddance" and maybe that is worth the sale. I really like the option to repurpose it for something else. I think that is what I would do if possible. Maybe a necklace for a daughter or daughter in law. Maybe a future engagement ring to be used by your son or grandson. Otherwise selling it on consignment as a single stone is the next best bet.

Maybe just sell the ring, get the $2.5k and make it rain at a strip club once they re-open (just kidding.)
A time to EVALUATE your jitters: | https://www.bogleheads.org/forum/viewtopic.php?f=10&t=79939&start=400#p5275418
Goal33
Posts: 1466
Joined: Sun Apr 12, 2015 12:30 pm

Re: Got divorced how to get most value for exes wedding ring

Post by Goal33 »

cheese_breath wrote: Mon May 11, 2020 12:03 pm
Goal33 wrote: Mon May 11, 2020 10:31 am
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
"However, most consumers selling their jewelry are not profiting from the sale. They may receive money but no profit. Thus, since there is no profit, the tax liability is nothing. If you did significantly profit on the sale of jewelry, you are obligated to report that and pay taxes associated with the capital gain on that asset. Again, because, most consumers do not profit when they sell their jewelry, so there is no tax liability.

While there is no liability, you cannot write off the loss against your taxes either. Put another way, you cannot deduct the loss from the taxes. "


https://sellmy.jewelry/posts/sell-my-di ... plications
I quoted the person who suggested donating it. That is different from selling it and deducting the loss.
LittleMaggieMae
Posts: 361
Joined: Mon Aug 12, 2019 9:06 pm

Re: Got divorced how to get most value for exes wedding ring

Post by LittleMaggieMae »

I'm sure someone in this thread has mentioned that the ring (especially if it's diamond(s) ) will only fetch about 25% (maybe less) of what you paid for it. It might make a difference up/down depending on the what the setting is made from (platinum? gold? something else???) So it's still worth having a go at finding out it's potential selling price. Can you go back to the jeweler you bought it from and ask about selling it back (or trading it for something you want)?

i wouldn't discard, or put it in a drawer (to forget about it) or throw the ring away - as it's probably got a 1K and up value.

If you don't want to sell it/donate it (because of how much value it's lost) - can you distance yourself from the bad feels associated with the ring and it's parts, have the stone(s) made into something else? and then gift it to another relative/loved one who likes sparkly/shiny things? That's an added expense (re configuring the stone/setting) which might not be an option.
JLJL
Posts: 484
Joined: Wed Jan 08, 2014 11:10 pm

Re: Got divorced how to get most value for exes wedding ring

Post by JLJL »

1130Super wrote: Sat May 09, 2020 11:38 pm
Nasman wrote: Sat May 09, 2020 6:45 pm Don’t know anything about wedding rings. Bought my ex a wedding ring that I paid about 10k 11 years ago. Looking to sell it, how do I go about this?
If you live in MN I’d be interested
This.

1130Super if this is for a gal then forever refer to Nasman as a "broker"
seppatown
Posts: 34
Joined: Mon Jan 05, 2015 2:46 am

Re: Got divorced how to get most value for exes wedding ring

Post by seppatown »

Ebay market is liquid and you will get FMV. Will need original certs for max value. Known premium brands can command a higher price. Take good photos. If all you have is the ring now, bring it into a shop to assess carat weight, cut, diamond grade, and setting material.

Don’t agree with assumptions that you’ll only get 20% back. Appraisals are all bs but the market sets consistent prices on secondhand engagement rings. The demand is there. Don’t waste time with in-person and one-on-one transactions if you’re looking to recoup max value.
bayview
Posts: 2264
Joined: Thu Aug 02, 2012 7:05 pm
Location: WNC

Re: Got divorced how to get most value for exes wedding ring

Post by bayview »

Lookingforanswers wrote: Sun May 10, 2020 3:22 pm If you are ever tempted to spend a lot of money on diamonds, this story is a must read. Long story but very entertaining, "Have You Ever Tried to Sell a Diamond?"

https://www.theatlantic.com/magazine/ar ... nd/304575/
Interesting article. For anyone else reading it in growing confusion, it was written in early 1982. (Not a criticism.)
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri
User avatar
TxAg
Posts: 1701
Joined: Sat Oct 17, 2009 11:09 am

Re: Got divorced how to get most value for exes wedding ring

Post by TxAg »

When Vegas opens back up, take the money and let 'er rip. Either win big or feel good about flushing it all away (closure) :sharebeer
ChooseYourCharacter
Posts: 4
Joined: Sat May 09, 2020 2:34 pm

Re: Got divorced how to get most value for exes wedding ring

Post by ChooseYourCharacter »

https://loupetroop.com/

Be prepared to give a big discount. 2nd hand jewelry is notoriously hard to sell. X1000 if it’s wedding jewelry from a failed relationship (stigma).

Watch out for scammers.
User avatar
Cubicle
Posts: 936
Joined: Sun Sep 22, 2019 1:43 am

Re: Got divorced how to get most value for exes wedding ring

Post by Cubicle »

Craigslist and/or facebook marketplace can help.
"Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓
User avatar
cheese_breath
Posts: 9828
Joined: Wed Sep 14, 2011 7:08 pm

Re: Got divorced how to get most value for exes wedding ring

Post by cheese_breath »

Goal33 wrote: Mon May 11, 2020 12:34 pm
cheese_breath wrote: Mon May 11, 2020 12:03 pm
Goal33 wrote: Mon May 11, 2020 10:31 am
sergeant wrote: Sat May 09, 2020 8:08 pm How did you get it from her? I would donate it to charity. Bad mojo to do anything else.
I wonder if you could deduct the assessed value this way (that usually comes with the ring). AFAIK a 10k ring retail is probably worth 1k trying to sell, and might not even be easy to sell at that. 10k deduction likely more valuable.
"However, most consumers selling their jewelry are not profiting from the sale. They may receive money but no profit. Thus, since there is no profit, the tax liability is nothing. If you did significantly profit on the sale of jewelry, you are obligated to report that and pay taxes associated with the capital gain on that asset. Again, because, most consumers do not profit when they sell their jewelry, so there is no tax liability.

While there is no liability, you cannot write off the loss against your taxes either. Put another way, you cannot deduct the loss from the taxes. "


https://sellmy.jewelry/posts/sell-my-di ... plications
I quoted the person who suggested donating it. That is different from selling it and deducting the loss.
OOPs. :oops: Sorry. In that case I wonder if he'd need to have it appraised and deduct the appraised value rather than purchase price.
The surest way to know the future is when it becomes the past.
Post Reply