Legal Question in Real Estate Law in Illinois

This question really belongs in a section for tax law. The answer is that you must report and pay taxes on all income from any source. I am not sure how much you will have to pay to the state of Illinois in income tax, but you must pay at least 10% to the Federal government. If you do not make estimated tax payments on the ring at the time of sale, you will be assessed additional taxes for the tax year in which you sold the ring.