Antique Child
Posted in Uncategorized on 08/21/2010 06:04 pm by admin
If I sell a antique vase that was given to me 30 years ago as a child do I have to pay taxes on that money?
selling it for 50,000 do i have to pay taxes on it. it was given to my by my grandmother when i was 6.
if so, on average how much would i have to pay in taxes. thanks
In theory and as defined by the IRS you have a capital gain that should be reported on your return. While you might could get by without reporting the sale, note that your bank is required to report any banking transaction involving amounts of 10K or more. Here is an excerpt from the IRS publication 544:
Sales and Exchanges
A sale is a transfer of property for money or a mortgage, note, or other promise to pay money.
Gain or Loss From Sales and Exchanges
Gain or loss is usually realized when property is sold or exchanged. A gain is the amount you realize from a sale or exchange of property that is more than its adjusted basis. A loss is the adjusted basis of the property that is more than the amount you realize.
It might be best to contact the IRS (800-829-1040) for a ruling just to be sure.
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ANTIQUE-ITALIAN HUGE! 53″ GOBELIN TAPESTRY C1850 OIL PAINTING *MADONNA & CHILD* £4,620.25 |
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Antique 17th century Painting Virgin Adoring the Sleeping Christ Child £4,113.92 |
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ANTIQUE-BRITISH Famous listed Henry Childe Pocock, R.B.A.1854-1934 Oil Painting £2,277.21 |
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ANTIQUE-RELIGIOUS ITALY NUDE MADONNA & CHILD SCULPTURE £1,518.98 |
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Ca:1800 ANTIQUE ANATOLIAN CHILD’S PRAYER RUG. MUST SEE! £1,424.05 |
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ANTIQUE CHINESE CARVED RED CORAL FIGURE FIGURINE SMILING GIRL / CHILD CARVING £1,139.24 |
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ANTIQUE-CHINESE QING DYNASTY AMAZING PAIR OF BRONZE CHILD CANDLE HOLDERS SIGNED! £1,012.65 |
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ANTIQUE CHINESE CARVED RED CORAL FIGURE FIGURINE SMILING BOY / CHILD CARVING £949.37 |
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ANTIQUE CHINESE CARVED RED CORAL FIGURE FIGURINE SMILING BOY / CHILD CARVING £949.37 |
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ANTIQUE CHINESE CARVED RED CORAL FIGURE FIGURINE SMILING GIRL / CHILD CARVING £949.37 |
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ANTIQUE CHINESE CARVED RED PINK CORAL FIGURE FIGURINE SMILING BOY CHILD CARVING £759.49 |
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SIMON & HALBIG 1079 Antique Child Doll Circa 1910 26 Inches tall £759.49 |
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ANTIQUE19thc. ITALIAN MINIATURE MODONNA & CHILD £695.00 |
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A Stunning Antique Pine Child’s Wardrobe to Paint or Wax £695.00 |
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A Truly Stunning Antique Pine Large Child’s Wardrobe to Paint or Wax £695.00 |
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A Lovely Original Antique Pine 1930s Art Deco Child’s Wardrobe to Paint or Wax £695.00 |
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VERY OLD ANTIQUE PINE CHILDS WARDROBE £599.00 |
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A Truly Stunning Antique Pine 1 Door Cupboard / Child’s Wardrobe to Paint/Wax £595.00 |
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A Really Pretty Antique Pine 1 Door Kitchen Cupboard / Child’s Wardrobe £595.00 |
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A Stunning Antique Pine Kitchen Cupboard / Child’s Wardrobe to Paint or Wax £595.00 |
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FRENCH EMPIRE ANTIQUE SINGLE BED DAYBED LIT BATEAU SLEIGH CHILDS ORMOLU CHIC £575.00 |
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Antique 19th Century Childs Wheelbarrow £550.00 |
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A Lovely Antique Pine Large 1 Door Kitchen Cupboard/Child’s Wardrobe to PaintWax £495.00 |
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19TH CENTURY ANTIQUE THONET CHILDS CHAIR £500.00 |
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Mother And Child Floor Lamp With An Antique Brass Finish £40.85 Mother and child floor lamp available in antique, fitted with double rotary dimmer switch…. |
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Mother and Child Floor Lamp Antique Brass Finish £78.00 … |
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ENDON Antique Brass Mother and Child Floor Lamp with Dimmer Switches £45.00 This contemporary single light floor lamp goes great with any up-to-date-style room. Finished in antique brass, this floor lamp would make an imposing style for any room in your house…. |
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Debussy – Complete Piano Works £11.70 … |
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Debussy/Ravel Chamber Works £8.40 … |