Reporting Personal Theft Loss in Turbo Tax

[Todd590]

I am trying report a theft loss using Turbo Tax.  We had over $24,600 in personal losses in a break in of our house.   The theft consisted of some cash and jewelry accumulated over the last 40 years or so by my wife.  The form asked for dates acquired, which is almost impossible to remember with some of these items which were purchased over many years.  What do you do?   Also, I tried to skip the date acquired and run the calculation find the deduction, but Turbo Tax does not appear to be applying and deduction when calculated out according to the rules.  The net loss minus insurance reimbursement, minus $100, minus 10% AGI should equal a $1338 deduction.  Why is it not applied?

[xmasbaby0]

Sorry----theft and casualty losses are not deductible on your federal return. The tax laws that allowed a deduction for theft loss were changed for 2018 and beyond.    You can enter the information just in case your state allows it, but it will not be deductible on your federal tax return.

[MonikaK1]

For tax years 2018 through 2025, if you are an individual, casualty or theft losses of personal-use property are deductible only if the loss is attributable to a federally declared disaster. Casualty losses can still be claimed for business property. This change was part of the Tax Cuts and Jobs Act of 2017. See IRS Publication 547.

See this help article for more information.

@Todd590