ComicsPriceGuide.com Forums - CPG - Questions and Answers - Tax question: Lost collection in a fire! - Messages https://comicspriceguide.com/forum/messages.aspx?TopicID=1168 ComicsPriceGuide.com Forums - CPG - Questions and Answers - Tax question: Lost collection in a fire! - Messages en-us http://blogs.law.harvard.edu/tech/rss Jitbit AspNetForum Mon, 08 Feb 2016 10:46:08 GMT Mon, 08 Feb 2016 10:46:08 GMT https://comicspriceguide.com/forum/messages.aspx?TopicID=1168 Message from netstuffers 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]]> Mon, 08 Feb 2016 10:46:08 GMT https://comicspriceguide.com/forum/messages.aspx?TopicID=1168 Message from wchever 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.]]> Fri, 05 Feb 2016 00:02:04 GMT https://comicspriceguide.com/forum/messages.aspx?TopicID=1168 Message from Mooncricket Thu, 04 Feb 2016 12:07:03 GMT https://comicspriceguide.com/forum/messages.aspx?TopicID=1168 Message from wchever
"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]]> Tue, 02 Feb 2016 23:04:41 GMT https://comicspriceguide.com/forum/messages.aspx?TopicID=1168 Message from Mooncricket
The $2500 is the max allowable, they aren't discounted the worth.
edited by mooncricket on 2/2/2016]]> Tue, 02 Feb 2016 22:10:12 GMT