Home invasion/robbery and my tax return

My home was broken into last year and I had approximately 10 to 12 thousand dollars of items stolen. Due to caps the insurance company has on certain items I owned and depreciation, I received about 5 thousand back from my insurance company. Before I go through the painstaking process of itemizing all that was taken and it's worth for a second time, on my tax return, will it be worth my time to do so as far as how it will impact my obligation of what I will owe the government as a self employed individual filing single head of household?

430

Alumni

Jun 3, 2019 4:35:58 PM

If your loss was $5,000 (a $10,000 loss less $5,000 insurance recovery) it would be to your advantage to if your adjusted gross income is under $49,000. If the loss was $7,000, it would be to your advantage to if your AGI is under $69,000. Anything over those amounts will have the deduction limited to $0 due to percentage limitations on such losses.

(Your self-employed and Head of Household status make no difference in the computations.)

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Home invasion/robbery and my tax return