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New Member

Can I deduct for my car being broken into

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New Member

Can I deduct for my car being broken into

Yes, you can claim the casualty and loss on each item stolen including anything being broken: Please follow steps below for data entry:

  1. Federal Taxes
  2. Deductions & Credits
  3. Scroll down to Other Deductions and Credits and select Casualties and Thefts

NOTE: There are few rules that govern the Casualties and Thefts deduction and more often than not the actual deduction doesn't make much difference on your tax return. First, the loss is deducted as part of your itemized deductions (you claim real estate tax, mortgage interest, state income tax, charity, etc.).  Secondly, you must reduce your loss by proceeds received from your insurance.  Thirdly, once you determine your actual loss, the loss is reduced by $100.  Finally, after applying $100 reduction, your total casualty loss is reduced again by an amount that equals to 10% of your Adjusted Gross Income.  Only then, the net result (the remaining amount) is then taken as your deduction on your tax return. 

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