Hello - I plan to sell my wedding ring, but do not know how much my exhusband paid for it. He has since passed away and I have no way to find out the purchase price. It had been appraised for $40k around the time he got it for me. Now, about 7 years later, I would like to sell it. How do I record the sale - profit or loss on my taxes, if I don't know the cost basis for it? It will sell around $25k.

Anything you can offer, will be appreciated. I am eager to find out the answer, because based on the tax ramifications, I would invest in an IRA or keep the money in savings to pay any additional taxes.

Thank you.