Inherited Jewelry

[S T]

Taxpayer sold some jewelry that was inherited when his parents passed away. The probate appraised value was higher , than what he sold he the jewelry for in 2010. So will produce a loss

I was thinking since the jewelry was personal in nature, that a loss can not be deducted, correct? Do I need to show on the Schedule D?

Also sold some Sivler Coins - is that taxed at the 28% rate?

Thanks,
Sandy

[Lion]

For what it's worth

For what it's worth at this late hour, but I don't think you have to show a personal loss since it's not deductable anyway. Unless, maybe paperwork was reported to IRS. And, yes, silver coins are collectables, is that 28% rate.

Daughter had a concert up in Hartford. Not a good weekend to lose a few hours from work. And, it's pouring down rain and windy and water's coming into our basement again. Gotta get a couple hours sleep.

[ChEAr$]

Note that the 28% rate is the maximum rate, so actual rate could and may be lower.

Just had one the other day. She sold $ 31,000 of gold inherited from husband in 1979.
She did even know how many ounzes she sold. But there is a handy dandy website for gold prices which i used to reconstruct the # of ounces and also determine basis.

Incidentally her son, a jeweler just like his dad was, told her it goes on schedule d (which it does). He also told her therefore her tax rate would be probably zero percent.
NOT.