MinhT1
Employee Tax Expert

Business & farm

This would have been a Theft and casualty loss before tax year 2018, but not in 2019.

 

The tax treatment of personal casualty losses and thefts is changed under the Tax Cuts and Jobs Act. Pursuant to the TCJA, the itemized deduction for personal casualty and theft losses is temporarily limited in tax years 2018 through 2025 solely to losses attributable to federally-declared disasters.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post