Before I ask my question--I tried to find this answer but couldnt


Wife and I are legally seperated. We live in Georgia.

My wife recently inherited a diamond ring from her aunt who passed (she passed in 3rd/4th qtr of 2011 and the inheritance happenned shortly thereafter)

The ring was appraised for $22,000. She has decided to sell it. The best offer from a diamond buyer was $5000. She IS selling it to her aunts trust (located in other state) for $8000.

What are the tax implications?

(also-fyi-if there are any "one time" options, I dont think we would be interested because we are both under 35 and this is a small dollar amount)

The money is going to a medical surgery--which is $2500 total out of pocket and $2500 for a new bed--which we have not gotten EVER--since she will be in the bed recovering and we really need a new bed

I am sharing all the info upfront so we can get the best advice.

If anything else is needed, please let me know

Thanks in Advance!