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drewtimme
Returning Member

Can I deduct expenses for helping my girlfriend after a theft?

I live with my girlfriend who is an artist. She is self-employed and her AGI is too high for me to claim her as a dependent (not that I would anyway). Earlier this year our car was broken into and about $8000 worth of her inventory was stolen. We were able to get $1500 back with an insurance claim. I gifted that to her as well as additional money to help her replenish her inventory. I wouldn't really call this an 'investment' or a 'loan' because I'm not earning a percentage of her income nor am I expecting her to pay me back. I'm just wondering if it's possible to deduct any of this on my taxes.

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1 Best answer

Accepted Solutions
AnnetteB6
Expert Alumni

Can I deduct expenses for helping my girlfriend after a theft?

No, there is not a tax deduction that you can claim on your return associated with the money you spent to help your girlfriend after the theft.  

 

If she had spent the money you gifted to her to replenish her supplies, then she may be able to claim a business expense on her tax return.

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3 Replies

Can I deduct expenses for helping my girlfriend after a theft?

No. You can’t deduct a gift and if you gave her less than $15,000 you don’t have to complete a gift tax form. 

AnnetteB6
Expert Alumni

Can I deduct expenses for helping my girlfriend after a theft?

No, there is not a tax deduction that you can claim on your return associated with the money you spent to help your girlfriend after the theft.  

 

If she had spent the money you gifted to her to replenish her supplies, then she may be able to claim a business expense on her tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
drewtimme
Returning Member

Can I deduct expenses for helping my girlfriend after a theft?

Thanks for the quick replies! I didn't think it would be deductible but it never hurts to ask 🙂

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