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June 1, 2019
Solved

I purchased an engagement ring for $4849, never proposed, and sold the ring back to the jeweler at $2700. I received a 1099B for the $2700. What do I do with the claim?

  • June 1, 2019
  • 3 replies
  • 0 views
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Best answer by MichaelL1

You would show this under Investments sold.

Purchase prince and sales price listed and then select the category.

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button

3 replies

DoninGA
Employee
June 1, 2019
When you purchased the ring it became your personal property.  The sale of personal property for less than the purchase price is not reported on a tax return.
MichaelL1
Employee
June 1, 2019
The loss of personal property is not deductible on the return.
MichaelL1
MichaelL1Answer
Employee
June 1, 2019

You would show this under Investments sold.

Purchase prince and sales price listed and then select the category.

To enter your Investments sold

Click on Federal Taxes

Click on Wages and Income

Click on I'll choose what I work on

Scroll down to Investments

On Stocks, Bonds, Other, click the start or update button