can I claim on my taxes a loss for being robbed
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Thread: can I claim on my taxes a loss for being robbed

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  1. #1
    go out and dig something

    Jan 2008
    Maine
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    can I claim on my taxes a loss for being robbed

    Last year some people came into my house and did some work, about 10,000 bucks in gold and silver was removed, they went down in my cellar to turn off the water, and took all my gold and silver I have been saving for 10 years from metal detecting, I didn't notice it was gone for 6 months, because on of my best friends died, and it really shook me up, then I had to look thru my cellar for 2 months, been detecting and bottle hunting for 20 years, so I wanted to make sure I didn't put somewhere and accuse them wrongly, I should have called the Police right away, but hind sight is another thing, this is part of what was taken, thanks
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    Honest Samuel likes this.

  2. #2
    Charter Member
    us
    Nov 2012
    Maryland
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    I think the first thing you have to do is file a police report.
    stewielouie likes this.

  3. #3
    Charter Member
    us
    "WP"

    May 2012
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    With evidence of what you had , I'd start by asking my home insurance id I didn't know what was covered.
    Some companies want you to have a rider on expensive certain items.
    fistfulladirt likes this.

  4. #4

    Aug 2016
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    That stinks

  5. #5
    Charter Member
    us
    Nov 2012
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    Yes, most insurance companies will cover about $1,000 and that's all. Applies to a lot of stuff.

  6. #6
    us
    Sir

    Sep 2015
    Connecticut
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    I would like to help, since I purchased many coins from large coins auctions and have invoices. I am deeply sorry and if you found the items in pawn shops, you could not prove that they are yours. SORRY

  7. #7
    us
    Bryan

    Jul 2012
    Mid-Missouri
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    Sorry for your loss. As others have said, file a police report and check with your insurer. Unfortunately, you cannot claim a loss on your taxes for the value of the stolen property. I hope it turns up and gets returned to you.
    Bryan in Mid-Missouri
    "MidMoTreasure" on Youtube

  8. #8
    us
    Sep 2011
    Denver, Colorado
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    Looking for good tax advice on a treasure forum is like asking the tax man where to metal detect.
    gunsil, AARC, ticndig and 1 others like this.

  9. #9
    us
    Dec 2012
    lower hudson valley, N.Y.
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    You certainly can. You may have problems since you didn't file a police report when event happened, may be able to get a police report now. I lost $25,000 in CW buckles back in 1975 and was able to deduct loss from my federal income tax. Things may have changed since then, consult a tax lawyer. My loss was called a "casualty loss" on my tax form. Those buckles would be worth ten times that today. I also lost two pint jars full of silver coins my girlfriend and I had found with detectors. It is possible you have waited too long, I hope it isn't the case.
    Last edited by gunsil; Jan 15, 2021 at 05:09 PM.
    Honest Samuel likes this.
    Ya won't find nuthin' if ya don't hunt

  10. #10

    Jan 2021
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    Quote Originally Posted by caretaker View Post
    Last year some people came into my house and did some work, about 10,000 bucks in gold and silver was removed, they went down in my cellar to turn off the water, and took all my gold and silver I have been saving for 10 years from metal detecting, I didn't notice it was gone for 6 months, because on of my best friends died, and it really shook me up, then I had to look thru my cellar for 2 months, been detecting and bottle hunting for 20 years, so I wanted to make sure I didn't put somewhere and accuse them wrongly, I should have called the Police right away, but hind sight is another thing, this is part of what was taken, thanks
    WOW....sorry to hear that. Myself, I cannot stress enough the importance of a home safe to store things like this, firearms, expensive cameras, jewelry, etc.
    I do not know about claiming on income taxes.....but I notice one who replied he was able to on his Federal taxes....I was not aware you could do that. This would normally be covered under a Homeowner's Insurance Policy, for contents...or the same for a Renter's Policy covering contents.
    It is unfortunate that it took you so long to notice everything missing.....that surely gives the contractors in your home more excuse to claim it was no fault of theirs. As others have said, I would first try and get a Police report.....then speak with your Insurance agent. It is good you have a photo of "some" of the cache. If you have no other photo, nor other documentation for ALL of it...you may only recover on value of what is photographed.

    Many years ago, I suffered a home robbery while I was away....they stole mostly home electronics. But, I had a large jar of clad coins...probably $200 or so...I had no real proof of the coin jar's existence. My insurance company told me that for undocumented money like that, they would cover up to $150 claim....so I was able to at least recover that much.

    IMPORTANT TIP : On ANY Homeowners or Renter's Policy, you want to make certain you have "Replacement Value" on your contents coverage. A standard policy will not have that, and any contents stolen, or lost in fire, flood....the amount reimbursed will be decreased by 10% for every year of age. Example : Your TV is 5 years old...and stolen....insurance will only reimburse 50% of replacement value....unless you have "Replacement Value Cost" designated on your contents.

    Rare jewelry and/ or rare coins may require discussion with your agent and special coverage.

    If you have an update, please share it if you want to.

    MD
    Last edited by MD_DET_001; Jan 16, 2021 at 09:14 AM.

  11. #11
    Charter Member
    us
    An unidentified coin is a piece of metal. An identified coin is a piece of history.

    Oct 2004
    N. San Diego area (Pic of my two best 'finds'; son and grandson)
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    See page two: 'Losses you can deduct'.
    https://www.irs.gov/pub/irs-pdf/i4684.pdf
    Don......
    MD_DET_001 likes this.

  12. #12
    Charter Member
    us
    Feb 2008
    Great Lakes State
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    If I even inquire about making an insurance claim my rates go up.

 

 

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