What is the name of your state? Florida
I am married and I have been filing tax returns jointly with my husband since our marriage. I am planning to sell my gold ornaments for $32,000 cash. Can I simply give that ornament and get the cash or whether any formalities/procedures I should follow? Will that money be counted as income or will it be counted as profit? Will it be counted as my income (or profit), or my husband’s income (or profit), or joint income (or profit)? How to report it in taxes?
I am married and I have been filing tax returns jointly with my husband since our marriage. I am planning to sell my gold ornaments for $32,000 cash. Can I simply give that ornament and get the cash or whether any formalities/procedures I should follow? Will that money be counted as income or will it be counted as profit? Will it be counted as my income (or profit), or my husband’s income (or profit), or joint income (or profit)? How to report it in taxes?