Diamond Ring - Minimizing Loss
I purchased a diamond ring for just over $40k. It was not for me or my personal use. Long story short, I can?t keep it any longer and would like to sell. However, selling would come at a significant loss.
Is there any way to offset some of this loss on my taxes? I make enough where any capital loss or deduction would be helpful since I can?t sell it for much.
I?d also considered donating it for a charitable deduction if possible, but not sure how much in tax savings that would net me.
I?m eager to here from anyone on possible suggestions to make the most of a less than ideal situation!