I bought a "glass" ring at an estate sale last year for $100. I was visiting my mother in New York. I appraised my own jewelry Mlast week an...

Question

I bought a "glass" ring at an estate sale last year for $100. I was visiting my mother in New York. I appraised my own jewelry Mlast week and the appraiser says that not only is the glass a diamond, it's perfect and worth over $85,000. Do I need to worry about the difference between it's worth and what I paid? The man holding the sale asked me what I thought it was worth and I said $80. He worked me up to $100.

Answer

Only if you sell it. You'll be responsible to pay Capital Gains tax on your profit.

Answer

Q. Do I need to worry about the difference between it's worth and what I paid?

A. If you are concerned about the person that sold you the ring, the answer is no. You have proper title and possession of the ring.

Mike.