Causalty and theft losses

[kywong228]

My car got totaled last year in 2018, I was not at fault and my car value was more than the insurance reimbursed me. Can I file the casualty and theft losses on my tax return?

[Kendra]

CASUALTY LOSS

It is difficult to claim a casualty loss because you have to meet a tough threshold. 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.  If your loss was covered by insurance, it is very unlikely that the amount of your deductible would be enough to count as a deduction.  If you want to enter your casualty loss, go to the Federal>Deductions and Credits> Other Deductions and Credits>Casualties and Thefts.