itsjustarock
Rough_Rock
- Joined
- Dec 18, 2005
- Messages
- 18
Hello All,
Let me start off my first post by saying "hi" to everyone. TO make a long story short, I was in the process of shopping for an engagement ring as I plan to pop the big question early next year. I stumbled upon the American Express "mywishlist" contest and somehow won an engagement ring. http://www.mylifemycard.com/mywishlist/media/pdfs/diamond_ring.pdf I cannot begin to articulate my excitement and feel blessed to win. However, after reality has set in, I am faced with a tax issue.
I have incurred a tax liability of $35,500 which I must report on my income tax. However, tax law allows me to dispute the value of the ring with the fair market value. This is where I''m hoping to get some assistance in valuing the ring. Embarrasingly, I must admit I know nothing about Daniel K or diamond rings. The little information I have obtained was through a search on this forum. My rough estimation of a 2 carat diamond ring with the similar qualities is around $15,000 to $20,000(again, my estimation is based on my limited knowledge and may be way off.) Is there a big premium on Daniel K much like there is on Tiffany? Is $38,000 a fair price on the ring I linked or are there online retailers that sell comparable Daniel K rings for less. If its a fair price, I''ll just suck it up and pay the taxes. I am hoping that American express inflated the price for contest/marketing purposes. Any help pointing to websites that sell Daniel K rings or where I can get a feel for the price will be greatly appreciated. Thanks again and I wish you all a wonderful holiday.
Let me start off my first post by saying "hi" to everyone. TO make a long story short, I was in the process of shopping for an engagement ring as I plan to pop the big question early next year. I stumbled upon the American Express "mywishlist" contest and somehow won an engagement ring. http://www.mylifemycard.com/mywishlist/media/pdfs/diamond_ring.pdf I cannot begin to articulate my excitement and feel blessed to win. However, after reality has set in, I am faced with a tax issue.
I have incurred a tax liability of $35,500 which I must report on my income tax. However, tax law allows me to dispute the value of the ring with the fair market value. This is where I''m hoping to get some assistance in valuing the ring. Embarrasingly, I must admit I know nothing about Daniel K or diamond rings. The little information I have obtained was through a search on this forum. My rough estimation of a 2 carat diamond ring with the similar qualities is around $15,000 to $20,000(again, my estimation is based on my limited knowledge and may be way off.) Is there a big premium on Daniel K much like there is on Tiffany? Is $38,000 a fair price on the ring I linked or are there online retailers that sell comparable Daniel K rings for less. If its a fair price, I''ll just suck it up and pay the taxes. I am hoping that American express inflated the price for contest/marketing purposes. Any help pointing to websites that sell Daniel K rings or where I can get a feel for the price will be greatly appreciated. Thanks again and I wish you all a wonderful holiday.