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Self employed
Yes, as long as you have your list of items stolen you can group them into two categories. Keep all records with your tax return file so that you can provide details should you need them later.
- Tools
- Supplies
As stated by @MinhT1 'If you are a contractor or self-employed, you can deduct your loss (the part not covered by insurance) based on the fair market value of the tools as defined in Publication 584-B (Schedule 6). The value of the loss is then transferred to form 4684.'
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‎February 21, 2024
6:46 AM