topic What is that form about theft in Deductions & credits

What is that form about theft

lynnbennet — Tue, 04 Feb 2020 19:09:11 GMT

Re: What is that form about theft

TomK100 — Tue, 04 Feb 2020 19:50:45 GMT

It is difficult to claim a casualty loss because you have to meet a tough threshhold. Only the amount of a casualty loss that is OVER 10% of your adjusted gross income can be counted toward your itemized deductions, and even then you must subtract $100 from that amount.

Individuals are required to claim their casualty and theft losses as an itemized deduction on Schedule A.

To enter casualty losses in your return, this done through the Casualty and Theft deduction. This deduction covers property that’s damaged as a result of a disaster, such as a storm, flood, fire, car accident, or similar event, and also covers stolen property. Property includes anything you own.

To enter this in TurboTax:

Got to the "Federal Taxes" tab
Click on "Deductions & Credit"
Scroll down to "Other Deductions and Credits" and click on "show more" to the right of it
Click "Start" next to "Casualties and Thefts" continue to follow the onscreen guide.

Re: What is that form about theft

momichica — Thu, 14 Apr 2022 21:01:39 GMT

I entered my Casualty Loss Amount, (home theft) however it did not have any effect on my tax owed. (decrease) My loss value was $9800. My AGI is $54813.

Re: What is that form about theft

DaveF1006 — Thu, 14 Apr 2022 21:53:31 GMT

To clarify, are you claiming itemized deductions this year?

@momichica

Re: What is that form about theft

momichica — Fri, 15 Apr 2022 13:00:13 GMT

Yes. I am . Itemized deductions. I heard 2018-2025 no casualty/theft loss may be claimed on 1040. Is this correct??

Re: What is that form about theft

DoninGA — Fri, 15 Apr 2022 13:02:16 GMT

@momichica wrote:

Yes. I am . Itemized deductions. I heard 2018-2025 no casualty/theft loss may be claimed on 1040. Is this correct??

That is correct. Casualty and Theft losses are not deductible on a federal tax return unless they occurred in a federally declared disaster area.