Silver Eagle values

You can assume whatever you like, I've just explained the letters of the law which I've understood/experienced in the legal system over the past 60+ years.

Why would someone purchase an insurance policy unless
they may consider an occurrence in the future.

I learned more than I wanted to know about the legal system and insurance as a teen.

I have no insurance other than government required Liability insurance.

I've saved enough to acquire significant tangibles, most of which couldn't be insured for it's instantaneous market
value.

I was buying/selling real estate, establishing subchapter S corporations for multiple businesses.

I was practicing as the lone design engineer for a major specialty equipment fabrication firm at 17 years of age.

I suggest you might watch "The Peoples Court", "Judge Judy" to learn about proof of value.

JMHO

 

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Bravo!

And none of that is relevant if you're answering the wrong question.

All I'm saying is that the OP was unclear in his reasoning for needing the valuation. You only responded with eyes on one objective. Your view may very well be the correct one.....or not. I postulated another view of his post, equally as valid as your view, until proven otherwise.

It would be nice if the OP shared his reasoning for his query. It would certainly clear up any questions.

And as for reasons to purchase an insurance policy other than a possible future occurrence? There are none. All insurance policies are a bet between you and the insurance company. The insured are always looking to protect themselves from financial losses. YMMV but that's the fact.

 

I can cite numerous cases where I've been personally involved in damages that should have resulted in recovery, NOT!

I can also submit numerous documented articles where insurance was a failed fallacy, thus: https://www.dfwpersonalinjurylawyer...en-a-good-neighbor-becomes-a-bad-neighbor.cfm

Assume whatever, but the facts defile your beliefs, believed due to laws pertaining to various factors, especially proof of actual value/damages.

JMHO

 

Depends on your insurance type as well. Replacement cost is different than actual cost. You may have paid $50 for that Morgan 20 years ago, but if it is lost in a fire as an example, then if you have replacement cost insurance you get the cost to buy another, including the added cost to purchase one now! Which may be a lot more than shopping around for one at the best price. It is like a mini piece of art for higher end coins. And you don't pay taxes, the insurance is just making you whole.

 

Believe me, you may not appreciate the results of a replacement policy where you can't prove your basis, and the IRS taxes at the face value of the insurance payment.

I've really seen that occur.

JMHO

 

A quick Google says insurance on property replacement is generally not taxable. As I stated above, you have not gained anything and just been made whole (that is back to where you were). It is not income and therefore not taxable. Nothing is gained until or unless you sell or the insurance company overpays you.

 

If you take the check and don't actually replace the item and the item has appreciated in value then yes you would owe taxes on the capital gain.

 

Your "argument" is moot, based on supposition, not being in an IRS audit.

I believe you'd find any insurance funds received in excess of your proven basis is a "Capital Gain", with taxes/penalties due upon receipt of an insurance payment.

I've found that generally the IRS will tax the entire transaction, and allow you to prove a loss by excessive taxation. LOL

Off-site, I'd entrust whatever funds you'd wager to lose before an IRS representative decision concerning tax law.

JMHO

 

Ah, now you bring up an IRS audit. Your point is moot, not mine. We are talking about a simple payout/replacement of property insurance for lost or stolen items. Unless you do not replace the item in kind, and the item has appreciated and has not depreciated in value since original aquisition, then there is no capital gain to tax. I rest.

 

While your resting, you might consider that I bought a 1933 $20 Double Eagle from an associate for $1 and other good consideration.

It was insured for a reasonable $15,000,000 amount:
https://www.google.com/search?q=193...l4j69i65l2.17320j0j7&sourceid=chrome&ie=UTF-8


A greedy Insurer only paid $10,000,000 when it was stolen.

My tax return reported a carry-forward loss of $4,999,999.

Do you believe the IRS would approve my return?

How about my State?

 

Sure would be nice if @Dimedude2 would unfurl the confusion with a brief explanation of why he needs the valuation.

How about it, Dd2?

 

No because you did not replace it as in kind, it would be as if you sold the item. So it is a $9,999,999 capital gain for tax purposes. Edit. Of course the "other consideration" may or may not be acceptable for cost basis calculations. You are the lawyer, not me. I don't know the loopholes for sure. But if you take the payout and don't replace the item then it is taxable as a capital gain, of course.

 

Like-kind exchange rules are seemingly often being altered, but generally not as I believe you understand, being possibly as I hypothesized.

General statutes: Treas. Reg. § 1.1031(a)-1(b) defines “like kind” to mean the nature or character of the property and not the grade or quality. One kind or class of property may not be exchanged for property of a different kind or class. For example, an investor who exchanged gold bullion for silver bullion was required to recognize gain in part because silver is primarily used as an industrial commodity while gold is primarily used as an investment. Rev. Rul. 82-166. Similarly, an investor who exchanged one kind of gold coin for another kind of gold coin was required to recognize a gain because one coin’s value was derived from its collectability while the other’s value was derived from its metal content. Rev. Rul. 79-143.

It has been an interesting discussion, of which generally, the government determines the maximum "bottom line".

We both could be under/mis/informed!

JMHO

 

ok, i did not mean for this discussion to get this deep. I am just trying to get retail values for the silver eagles in case of theft or anything. That's it. Seriously

 

Just use your Red Book.

 

C'mon fella, we've beat that suggestion to death.

I've always used a magazine called "coin prices".

What a concept for determining current coin pricing!

https://fwonline.wordpress.com/numismatics/coin-prices-magazine/

Reality is there's no singular source for instantaneously
establishing "retail value" of virtually anything.

As I posted, many of the insurance will pay whatever they like, regardless of anything.

They are NOT necessarily "like a good neighbor"!

JMHO

 

when I looked at this in the past for my regular insurance company,
they wanted a Certified Appraisal (my coin collection isn't that good)
and a UL rated safe for home storage.
But there are coin specific insurance companies out there who don't need that. (and YMMV as ppl say use the RedBook).

 

He just wants retail values just in case. Probably doesn’t subscribe to a magazine called coin prices and neither do I. I don’t buy any coin magazines retail either. And your comment just reinforces mine. Use the Red Book. It’s quick, handy and useful.

 

Bullion eagles with no mm are spot plus a small premium if buying and spot minus a premium if selling.

 

I don't know what the preface to your Red Book "GUIDE BOOK" states, but mine states: "Prices are not intended to serve as a price-list", and the prices are established months prior to publication.

Coin Prices magazine states relatively recent upgrading for its listed items.

It's believed any informed individual knows the annual publications can be very inaccurate for use as proof of value.

I've always used 2 current subscriptions, and ebay sales records for general coin value establishment, knowing their relative accuracy.

JMHO