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To deduct a theft loss, you must itemize your deductions on Schedule A. The amount of your deduction is limited to the amount of the loss that exceeds 10% of your Adjusted Gross Income after a $100 deductible
As an example if you had a $5,000 theft loss, and your Adjusted Gross Income is $30,000, your result would be as follows
After deducting $100, you are left with $4,900 which is $1,900 above 10% of your Adjusted Gross Income of $3,000.
Your deduction would therefore be $1,900
To deduct a casualty loss:
· Type in theft loss in the search box, top right of your screen, click the
magnifying glass
· Click the jump to theft loss link in the search results
· Follow to prompts and online instructions
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