To deduct a casualty or theft loss,
you must itemize your deductions on Schedule A. The amount of your deduction is
limited to the amount of the loss that exceeds 10% of your Adjusted Gross
Income after a $100 deductible
As an
example if you had $1,000 stolen, and your Adjusted Gross Income is $40,000,
you would not gain a tax benefit.
After deducting $100, you are left
with $900 which is well below 10% of your Adjudged Gross Income of $4,000.
To enter a casualty loss:
Type in casualty loss the search box, top right of
your screen, then click the magnifying glass
Click the jump to casualty loss link in the search
results
Follow to prompts and online instructions
