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?

[mlorenzi]

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?

[MinhT · Accepted solution]

Losses on personal property is not deductible.

[mlorenzi]

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

[mlorenzi]

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

[MinhT]

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>