Yes, to deduct a 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 a $7,000 theft loss,
and your Adjusted Gross Income is $40,000, your result would be as follows
After deducting $100, you are left with $6,900 which is $2,900 above 10% of your Adjusted Gross Income of $4,000.
Your deduction would therefore be $2,900
To deduct a theft loss:
·
Type in theft loss in the search box, top right of your screen, click
the
magnifying glass
·
Click the jump to theft loss link in the search results
·
Follow to prompts and online instructions
