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Wire transferred money to payoff a timeshare. Lost over US13000. Federal enforcement notified. Can I take this loss on my taxes?

 
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JotikaT2
Employee Tax Expert

Wire transferred money to payoff a timeshare. Lost over US13000. Federal enforcement notified. Can I take this loss on my taxes?

It depends.

 

To be able to claim the theft loss, it would first of all need to be the result of a federally declared disaster.  

 

If this applies and if you do not anticipate recovering anything from insurance or any other sort of reimbursement, it could potentially be deducted as an itemized deduction on Schedule A. However, if your standard deduction is higher than your itemized deductions, you will not be able to claim any of the loss.

 

If you determine you are eligible to claim your theft losses based upon the above, you will enter this in TurboTax under the Deductions & Credits section of the program.  

  1. Scroll down to the section titled Other Deductions and Credits.  
  2. Within this section, you will see Disasters, theft, or other property loss or damage.  
  3. Select start to the right of this section and proceed to answer the questions as prompted.
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