Legal Question in Wills and Trusts in New York
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.
Asked on 4/27/11, 3:37 pm
2 Answers from Attorneys
Arnold Nager
Arnold H. Nager, Esquire
Only if you sell it. You'll be responsible to pay Capital Gains tax on your profit.
Answered on 4/27/11, 3:53 pm
Michael Markowitz
Michael A. Markowitz, PC
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.
Answered on 4/28/11, 4:55 am
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