Tag Archives: diamond taxes

I Want to Sell My Diamond – but will I get killed on the taxes ?

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Well look at you, all eager to get a super early start on those tax filings.  While most people wait a little longer before this is a concern, an even greater number of the masses (the Procrastinator Posse) wake up on April 14th with an “uh oh,” and a frantic call to their accountant.  You, however, are all set to turbo tax your way to an early return.  This gets you thinking “…What else can I make a nice profit on this year?  Well, I have these diamond earrings I got in the early 90s…set in the shape of Mickey Mouse’s head…that I wouldn’t be caught dead in.  I know I can get a pretty gorgeous penny for these puppies.  But wait!  What kind of taxes will I have to pay on this sale next year??”

Sound familiar?
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