@MinhT1 wrote:
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.
You can't claim the theft of your tools.
Please read this IRS document for more information.
@MinhT1
You mentioned "personal casualty losses and thefts" above, but I can't tell if the user is referring to business property or personal property. He uses the term "contractor" at one point. If the stolen items were self-employed business property, wouldn't that be handled differently? I'll try to get them to post more info. I'm not a tax person, so hopefully you'll be able to further assist if they post back. Thanks!
@philspargo Can you please describe further the character of your work that used these stolen tools and supplies, and when you said "contractor" are you a self-employed/independent contractor using these items in your business?
