cjnc201
New Member

Deductions & credits

thanks all for the quick responses. AGI is small enough that there will definitely be a deduction, but im just getting stuck at that fair value part and how to figure that out since there was never an appraisal after the purchase. the ring was never added to the insurance by the time it was stolen, so there was no specific payout for the ring itself. it fell under the personal property limits and the payout was really small. so even when you net the insurance proceeds, $100, and 10% of AGI, there will def be a deduction. Just need to figure out how to get the fair market value so I can compare to the adjusted basis and figure out what number to use to calculate the loss. thanks again!