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nhvass
New Member

Why do I not get any deductions from stolen property that was not recovered ?

 
1 Reply
MichaelMc
New Member

Why do I not get any deductions from stolen property that was not recovered ?

When you lose an item due to an accident, theft, or act of nature, you may have a tax deduction for the value of the property that is not covered by your insurance. The tax deduction is called a "casualty loss" deduction. The lost item can be business property, investment property, or personal property.

Please be aware that there are dollar limitations on each casualty loss. Once you determine your actual loss, you must then reduce it by $100. This $100 reduction is applied to each separate casualty event, not each piece of property. After applying the $100 reduction, your total casualty loss for the year is reduced again by an amount that equals 10% of your Adjusted Gross Income. The net result is the deduction you can claim on your tax return.

Also, casualty losses are itemized deductions. Your total itemized deductions (medical, real estate taxes, state and local taxes, mortgage interest, etc.) will only reduce your taxable income if they exceed the standard deduction ($12,600 Married Filing Jointly, $9,300 Head of Household, $6,300 Single or Married Filing Separately).

To enter a Casualty Loss:

In TurboTax, jump to the entry area for casualty loss:

  1. Enter casualty loss in the TurboTax search box and press the Enter key.
  2. On the Stolen or Damaged Items screen, click Yes.
  3. Answer the interview questions describing your event.
  4. When finished at the Property Summary screen,
    Enter any additional property losses by clicking the Add a Property button.
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