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Deductions & credits
You can no longer deduct such a loss. The deduction for personal casualty or theft losses has been suspended (eliminated) through tax year 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster.
Please see the TurboTax Help article "What if I have property that was lost or damaged (a casualty loss)?" for more information. (Although stolen items aren't mentioned in the title, they are in the text.)
‎January 31, 2021
8:30 AM