Michael N. asked

⚖️  Law

I sold my jewelry collection to pay off my debts. The sale resulted in a loss greater than $10,000. I deposited the money into my bank account and instructed the bank to pay off my debts. I know banks are required to report deposits greater than $10,000 to the federal government. Do I need to report this sale to the IRS, and if so, when and what is the procedure? Do I have to wait until April when my taxes are calculated, or should I report it now, and under what modality? I am a beginner in English and apologize for any misspellings.

April 27th, 2023

Stephanie C. answered

The sale of your jewelry is considered the sale of a capital asset. Since your jewelry was used for ...

April 27th, 2023

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