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Deductions & credits
In most cases there is no deduction for theft loss. The recently published Chief Counsel Memorandum provides a possible exception, but it's very complex and involves a lot of legal technicalities. You have to consult a tax attorney (not a CPA) who can review all the details of your particular situation and advise you as to whether you qualify for the deduction.
‎April 10, 2025
6:32 PM