Hit Small Jackpot Today!

[danaf]

I had a bunch of old yellow gold jewlery that I haven't used in years, don't like anymore, none of which had any sentimental value. Last night I was watching tv and saw a commercial for selling gold. I did some research, found a company that was local and brought my stuff in today.

I was thinking it would be worth maybe a couple of hundred. I was given a check for $2500!!!! No lie. I honestly could not believe it. I was seriously ciked out. One piece was an estate like piece and he told me I should keep it, which I did. Alot of it was 18k from when I lived in Italy and that's really why I got so much.

$1000 of that is going to pay for my dog's recent surgery - the rest goes into the emergency fund.

BTW - the owner I dealt with was so so nice. And he told me he knows the owners of the mail in places that run tv commercials - and that they pay a lot less than local places not to mention that sending jewlery in mail is never a good idea.

I am completely pleased with finally emptying out my jewlery box of ugly yellow gold and getting way more than I thought I would.

[ela805]

That's awesome! Selling gold has certainly increased in popularity!! Congrats to you!

Unfortunately, my house was broken into 4 months after I bought it and the burglars took my entire jewelry box. Jerks.

[aces67]

Congrats to you! That's great!

[Flamingo]

If you were not going to use the gold items or pass them on in the family and did not need nor want them anymore and needed the cash, you did a good thing as it benefitted you at the moment and your needs; but what you were paid was much less than the actual worth of your gold at this time.

[danaf]

Flamingo - Of course the jewler that bought my gold has to turn a profit as a middleman. That's ok. But he was legitimate as I had to sign a state form and put my fingerprint on it. I looked up an article of what my stuff was worth per ounce, per karat before I went. And he came in very close - compared to those mail in places that screw people.

[bk4sky]

how nice!! congratz!

[StartingOver08]

I think you did an excellent job of getting good value Danaf! Sounds like you went to a reputable place, especially since he actually had you hold back a piece because of its value.

It certainly beats having it sit in the jewlery box gathering dust!

[Flamingo]

Flamingo - Of course the jewler that bought my gold has to turn a profit as a middleman. That's ok. But he was legitimate as I had to sign a state form and put my fingerprint on it. I looked up an article of what my stuff was worth per ounce, per karat before I went. And he came in very close - compared to those mail in places that screw people.

If you reread my posting, I said "you" did a good thing as it worked for you. The reason I stated what I stated was for others that may read this information to be reminded that they will receive way less than what the gold is worth at that time. But if you need the cash, you need the cash, and if you don't need the items (as you), it's probably worth it if they are not going to be used or passed on to family members. There was a program on during the past several months as to the scams of gold parties, jewelers, etc. as to buying gold. The newspapers are filled daily with advertisements from jewelers and fly by night places stopping at a local hotel for a day or two. They are out to make money; you did good by going to a reputable dealer but who, as you state and know, did make a nice profit.

[filingin08]

There was a guy on the radio yesterday talking about just this. He suggested if you plan to sell gold, definitely take it to a local jewler - someone you know or someone a friend knows. He did caution that the income to you is taxed at your normal rate and not at the lower capital gains rate.

Glad you were able to put your old stuff to good use!

[ready2puke]

Do they send in a 1099 or something? How does the government know how much you received?
And yes Congrats to you....very happy for you...

[filingin08]

1099?

No idea about the 1099, never sold gold I initially assumed it would be like a garage sales type transaction.

[Kpower]

How can it be income if it is paid for with money that you already paid taxes on? If I make 100k and clear 70k and last year I bought a boat with 20k of it and this year I sell it for 20k then there is not net income. There is only income if there was a profit from the sale. I think since it was bought in italy it would be hard to prove there was a profit from the sale. However, I am not a lawyer or an accountant I am just stating my opnion of how things should be not how they necessarily are. The law and logic are not necessarily one and the same. I would ask an accountant or research it on the google.

[Flamingo]

How can it be income if it is paid for with money that you already paid taxes on? If I make 100k and clear 70k and last year I bought a boat with 20k of it and this year I sell it for 20k then there is not net income. There is only income if there was a profit from the sale. I think since it was bought in italy it would be hard to prove there was a profit from the sale. However, I am not a lawyer or an accountant I am just stating my opnion of how things should be not how they necessarily are. The law and logic are not necessarily one and the same. I would ask an accountant or research it on the google.

What was being discussed above is that the seller has realized a gain on the selling of the gold since the value of gold has gone up much higher than at the time of purchase. One would have to have the gold for a while to realize this gain since if the gold was bought recently at a higher price and then turned in for cash, there would be no profit/no gain. The IRS would want it's share of that gain. The jeweler or purchaser has to protect themselves against tax issues and probably have to gather information on the seller of the gold which would then go on records they have to submit to the IRS. That is probably where the problem may come in for a seller if they did not report the gain on their tax returns for that year.