Tax Question(s) - Experts (Tracey?) Enter Here

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1

Question 1 -

Tax law: Use tax

Situation: I got my girls engagement ring in California (her sister-in-law works for a jeweler). It was $2k (values at $5100).

Do I need to put that on my taxes? Or is the amount not that big (in terms of the big picture) and won’t raise any flags?

If I do need to do that…well…that’s freakin BS!

Question 2 -

Situation: My sister did my taxes last year on TurboTax using my email. I’m doing my own this year using my email. However, I can not (and I now know I should have saved a local copy) find my 2010 return. I thought it was under the same email but I’ve tried EVERY possible email I have and TurboTax only recognizes the one I’m currently using.

How bad is this for me? On the education section (iirc), I was asked to provide some amounts from certain lines on my 2010 return.

How screwed am I? Am I basically inviting the IRS to do an audit?

2

why would you ever report/have to report buying a 2k ring?? If that was the case I would be FUUCKEDD lol…

btw, what did you end up getting??

Specs??

3

Well the use tax technically means you have to report ANYTHING (no matter how big or small) that you buy out of state or online, etc. They specifically used Amazon and EBay as examples.

I know my mom (who was an accountant in Ukraine and does my families taxes) never put any of that stuff down and we’ve never had problems in the past. Just not sure since his kind of an expensive purchase (not some $50 online purchase), etc.

I got a three stone, princess cut, with diamonds on the band ring.

Setting: 14KT white with rhodium finish
Main stones: 0.60ct, VS-2, I, Good
Side stones: 0.67ct, VS2-SI-1, H, Good
Band stones: 0.12ct, SI-1, I, Good

Total: 1.39ct
Retail: $5,300 as done by a 3rd party assessment and with E.G.L Certificates

Looks similar to this:

http://www.diamondideals.com/images/Items/282/pic1.jpg

4

fuck that reporting purchases bullshit. I doubt anybody really does that.

The government isnt going to try to find out if you bought a $5k ring or if you spent $5k on hookers and blow.

5

:lol

I guess I’m just over-analyzing/over-thinking because this is the first time I’m doing my own taxes.

6

You’ll want to report expenses if you run a business, not so much for personal taxes.

7

I have bought way more than 3k on the comp / out of state etc . Never once claimed it . Don’t say anything at all man .

8

Alright.

Thanks folks.

How about question #2? lol. That’s the one I’m most worried about anyway…

9

Good luck lol

10

You can probably call the irs and give them your social security number and get it that way.

11

In case anyone is wondering, PJB is on to something here:

http://www.irs.gov/individuals/article/0,,id=110571,00.html

I will go ahead and do this and just wait the 5-10 days me thinks.

12

uhhh… ur side stones are bigger then your main center stone??

13

.67ct total for the 2, brah.

That’s the size of diamond earrings. I wish my wife would be happy with a ring like this, her accent rings are all over 1ct. Her current solitaire is 1.41ct. She’s lucky that I love her…

14

aahhh gotcha.

15

:lol yeah…that’s .67/2. Hahah.