Yes, you can claim the casualty
and loss on each item stolen including anything being broken: Please follow steps below for data entry:
- Federal Taxes
- Deductions & Credits
- Scroll down to Other
Deductions and Credits and select Casualties and Thefts
NOTE: There are few rules that govern the Casualties and
Thefts deduction and more often than not the actual deduction doesn't make much
difference on your tax return. First, the loss is deducted as part of your
itemized deductions (you claim real estate tax, mortgage interest, state income
tax, charity, etc.). Secondly, you must reduce your loss by proceeds
received from your insurance. Thirdly, once you determine your actual
loss, the loss is reduced by $100. Finally, after applying $100 reduction,
your total casualty loss is reduced again by an amount that equals to 10% of
your Adjusted Gross Income. Only then, the net result (the remaining
amount) is then taken as your deduction on your tax return.
