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Mooncricket Posts: 2
2/2/2016
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I lost my entire collection in a house fire this past summer, insurance is only going to pay $2500 for a collection that was worth 10 times that. I was told I can claim that $22,500 loss on my taxes but have no idea how. Any help is much appreciated.
The $2500 is the max allowable, they aren't discounted the worth.
edited by mooncricket on 2/2/2016
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wchever Posts: 44
2/2/2016
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Not a tax accountant, nor do I play one on TV. But I checked my guy's documents and it says this:
"When you claim items that you
lost in a fire on your income taxes, you must use Form 4684 to report
each item's value and determine the amount of your credit. To obtain
Form 4684, visit the IRS website at irs.gov.
Describe each item lost in "Section A" of the form. If more than four
items are included in the loss, use a separate sheet of paper to list
the items. Enter the fair market value of each item in the appropriate
columns and include any improvements. The IRS also requires that you
subtract any insurance payments received from your insurance company.
The IRS requires that you subtract an additional $100 from the loss
after any insurance payments. This amount is deducted from the total
amount, not each individual item. In addition to subtracting $100, you
must also subtract 10 percent of your adjusted gross income from your
loss. You can find your AGI on the top of the second page of Form 1040.
The amount remaining after you subtract those two amounts is the amount
of the total income deduction you can take for your loss."
I don't know how you get from what insurance will pay to the $22K deduction though. "Fair Market Value" doesn't mean "Collector Market Value."
You might want to read up here: https://www.irs.gov/publications/p561/ar02.html
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Mooncricket Posts: 2
2/4/2016
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Read that. Just can't believe I have to list every single comic, including what i paid, what market was day of fire and what market is now. You know how long that carp is going to take? Oh well, better get to work. Figure this site will help me print all that
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wchever Posts: 44
2/5/2016
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Mooncricket wrote:
You know how long that carp is going to take?
If you had a collection of any decent size, I'd say you've got a new hobby for quite a while. If you've got skills with Excel it might be easier. Good luck.
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netstuffers Administrator Posts: 239
2/8/2016
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Mooncricket wrote:
Read that. Just can't believe I have to list every single comic, including what i paid, what market was day of fire and what market is now. You know how long that carp is going to take? Oh well, better get to work. Figure this site will help me print all that
Is your entire collection already entered here? If so, you can export it. You have to export all the publishers individually, but it'll still be quicker than entering them all in yourself again
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