I need to know if i can write off the sale of a diamond ring as a capitol loss. The ring is apprised at $10,000 and i sold it for $5,600. Can I write off the $4,400?

I need to know if i can write off the sale of a diamond ring as a capitol loss. The ring is apprised at $10,000 and i sold it for $5,600. Can I write off the $4,400? If so, under what deduction section to put this in?

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1 Best answer

Expert Alumni

Jun 4, 2019 8:32:53 PM

Losses on personal property is not deductible.

Expert Alumni

Jun 4, 2019 8:32:53 PM

Losses on personal property is not deductible.

New Member

Jun 4, 2019 8:32:55 PM

I thought it could be used for investments? The ring is an investment, right?

New Member

Jun 4, 2019 8:32:56 PM

Per the IRS website, "Almost everything you own and use for personal purposes, pleasure or investment is a capital asset."

Expert Alumni

Jun 4, 2019 8:32:57 PM

Losses from the sale of personal-use property, such as your home or car, aren't tax deductible.
This is an extract of an IRS document which can be read in its entirety at:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc409.html">https://www.irs.gov/taxtopics/tc409.html</a>

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I need to know if i can write off the sale of a diamond ring as a capitol loss. The ring is apprised at $10,000 and i sold it for $5,600. Can I write off the $4,400?