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With the new tax law, you can only take the deduction if the damage was a result of a natural disaster, and you live in a federally declared disaster area .
To access form 4684 ( Casualty and Theft worksheet) follow the steps below:
would i be able to use it somewhere else? why is theft ok but a call box not the road is not? i had to pay a minimum of 7500 out of pocket can this be used as a deduction any where else?
Unfortunately, there’s no place you can legally claim your loss.
Just so you don’t misunderstand, theft can’t be claimed as a deduction, either. The recent tax law changes were very specific: The deduction for personal casualty or theft losses has been eliminated through tax year 2025, unless the loss occurred in a federally-declared disaster area and was directly caused by the disaster.
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