can I claim on my taxes a loss for being robbed

[caretaker]

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

 

Amazon Forum Fav 👍

Diving for Pleasure and Treasure - Grab it through Amazon!

[smokeythecat]

I think the first thing you have to do is file a police report.

 

[releventchair]

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.

 

[islamoradamark]

That stinks

 

[smokeythecat]

Yes, most insurance companies will cover about $1,000 and that's all. Applies to a lot of stuff.

 

[Honest Samuel]

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

 

[MidMoTreasure]

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.

 

[xr7ator]

Looking for good tax advice on a treasure forum is like asking the tax man where to metal detect.

 

[gunsil]

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.

 

[MD_DET_001]

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

 

[Mackaydon]

See page two: 'Losses you can deduct'.
https://www.irs.gov/pub/irs-pdf/i4684.pdf
Don......

 

[fistfulladirt]

If I even inquire about making an insurance claim my rates go up.

 

[Honest Samuel]

Talk to a tax expert and good luck.

 

[jordan263]

The losses occurring to an assessee due to dacoity, theft or embezzlement, etc., may be claimed as deductible while making the income chargeable to income-tax under the head “profits and gains of business or profession” under section 28.





Indigo Card

 

[Mackaydon]

[h=3]The Impact of the Tax Cuts and Jobs Act on Casualty and Theft Losses[/h]According to the IRS's publication 547 "Casualties, Disasters, and Thefts," "Personal casualty and theft losses of an individual sustained in a tax year beginning after 2017 are deductible only to the extent they're attributable to a federally declared disaster."3


 By extension, this means human activities, such as terrorist attacks, theft and vandalism that are not declared federal emergencies by the President are also not covered.
Source: https://www.investopedia.com/terms/c/casualty-loss.asp
Don..

 

[Anatolie]

You can write off your losses from theft if you itemize deductions on Schedule A. Theft, in this context, includes armed robbery, burglary, fraud, blackmail, embezzlement, extortion and ransoming someone back from kidnappers.

 

[Buried Crap NJ]

While I'm late to this thread claiming a loss of the items you recovered on your taxes will open up to questions from IRS. The IRS tax forums clearly have a section that say money/funds made from hobbies! Since you most likely never reported all you gains over the years, this will surely bring up red flags! A buddy of my stoped posting his finds as did I after his IRS audit, the agent repeated ask him if he had any hobbies that he made money at!

 

[MidMoTreasure]

Since you most likely never reported all you gains over the years, this will surely bring up red flags!

GAINS??! Between fuel, batteries, Tiajuana Mama sausages, and crappy gas station coffee, the only gains I realize are a nice sun tan and some good stories!

 

[caretaker]

never had gains, I never sold anything, after 20 years plus detecting, I give away a lot of stuff, I'm at the point, my stupid for allowing it to happen, karma will get the person who did it, easy come (sort a) easy go, can't let it get in the way of me taking over the world

 

[Treasure_Hunter]

Most homeowners insurance covers robbery too. As far as claiming your finds, by the time you deduct the expenses of the hobby you don't have much of a profit unless you are finding a lot of gold.