Ring Appraisal

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yosithezet
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Ring Appraisal

Post by yosithezet » Thu, 28 Mar 2013 11:09 pm

I need to get a ring appraised for tax purposes. Can anyone suggest a place around Orchard or Somerset?

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JR8
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Post by JR8 » Fri, 29 Mar 2013 12:51 am

Can you give a rough description?

Metal type? If there are stones, do you know what they are? Has it been appraised before, and if so how was it described?

Why do you want it valued? For insurance, or with a view to selling it?

I can give you a more precise answer if you can give an outline on the above.

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zzm9980
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Re: Ring Appraisal

Post by zzm9980 » Fri, 29 Mar 2013 8:04 am

yosithezet wrote:I need to get a ring appraised for tax purposes. Can anyone suggest a place around Orchard or Somerset?
There is a jewelry repair shop in the basement of Lucky Plaza across from the food court. They do repair work, but I imagine they can appraise also. It came recommended by three different mall stores that wouldn't touch anything they didn't originally sell.

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sundaymorningstaple
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Post by sundaymorningstaple » Fri, 29 Mar 2013 11:06 am

This was an older thread so cannot vouch that gentleman is still there. I actually never got around to going but I do value QRM's information.

http://forum.singaporeexpats.com/sutra3 ... sal#389173
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yosithezet
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Post by yosithezet » Fri, 29 Mar 2013 12:27 pm

The ring seems to just be silver. It was inherited and specifically named in a will. Belonged to my grandmother. So the US state wants an appraisal in order to be able to asses a 15% tax. IMO the appraisal itself will cost more than 15% of the value. *rolleyes*

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Post by taxico » Fri, 29 Mar 2013 1:54 pm

i've seen some gem appraisal shops opposite raffles hospital (beach road/golden landmark hotel)...

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zzm9980
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Post by zzm9980 » Fri, 29 Mar 2013 2:21 pm

yosithezet wrote:The ring seems to just be silver. It was inherited and specifically named in a will. Belonged to my grandmother. So the US state wants an appraisal in order to be able to asses a 15% tax. IMO the appraisal itself will cost more than 15% of the value. *rolleyes*
Are you being audited? The state will almost never ask for such a thing unless you're under a tax audit. It's usually up to you to just supply a value to the state. If they don't believe you (and thus the audit), you might need the appraisal..

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Post by yosithezet » Fri, 29 Mar 2013 2:29 pm

Not yet. I think we have an amateur lawyer dealing with the estate tax. He is scared of his shadow.

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Post by zzm9980 » Fri, 29 Mar 2013 2:44 pm

yosithezet wrote:Not yet. I think we have an amateur lawyer dealing with the estate tax. He is scared of his shadow.
I'd agree, that's what it sounds like. Your chances of being audited are close to nil unless you're pulling some really shady stuff with amounts much higher than the likely value of that ring.

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JR8
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Post by JR8 » Fri, 29 Mar 2013 5:49 pm

yosithezet wrote:The ring seems to just be silver. It was inherited and specifically named in a will. Belonged to my grandmother. So the US state wants an appraisal in order to be able to asses a 15% tax. IMO the appraisal itself will cost more than 15% of the value. *rolleyes*
Fair enough. If I were you I'd cherish the ring as a family heirloom, and a reminder of your grandmother.

For tax purposes, and being pragmatic, unless it is apparent that the ring might have some particular collector's value (Example: an attractive Tiffany's 1930 art-deco design (and it's stamped 'Tiffany' on the inside of the shank)) then you have no reason to consider that it might have a value above it's scrap price. Silver (1000/100%) is trading at US$28.50/Ounce. A single simple silver wedding ring type band weighs c2-3grams.

I rather doubt you could source any formal written appraisal for under US$100.

In light of this could you ask the State if the requirement for a valuation can be waived? You could highlight that your ongoing discussion (with them) concerns a ring of great sentimental value, but with a likely intrinsic value of maybe US$1-2.

If they won't budge and you have to get one, see if you can find a jeweller who is a friend of a friend (or such) who will write a one line valuation note as a favour to you/your mutual friend.

If all else fails and you have to pay for a valuation, see if you can get 'sideways relief' tax-wise, i.e. get to take it as a deduction elsewhere.



p.s. You could also e-mail a user-friendly local jeweller in your state, put the situation to them, and ask them if they have any tips or suggestions.

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Post by Strong Eagle » Fri, 29 Mar 2013 11:16 pm

Post a picture of it here with a description. We'll all give you a value estimate.

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Post by JR8 » Sat, 30 Mar 2013 12:43 am

Strong Eagle wrote:Post a picture of it here with a description. We'll all give you a value estimate.
^ +1 Excellent idea

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