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How Do Deductions For Casualties or Thefts Work?

If property you own was stolen, or damaged in an accident or sudden event (fire, flood, etc.), you may be able to claim a deduction for the loss in value, less the amount of insurance recovered.

In general, the loss is only deductible to the extent that it exceeds TEN percent of your adjusted gross income.

See Form 4684 for specifics.

Return to Individual Reports

 

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We do not offer legal advice. All information provided on this website is for informational purposes only and is not a substitute for proper legal advice. If you have legal questions, we recommend that you seek the advice of legal professionals.

Tax Disclaimer: To ensure compliance with IRS Rules, any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used by the recipient or any other taxpayer (i) for the purpose of avoiding tax penalties that may be imposed on the recipient or any other taxpayer under the Internal Revenue Code, or (ii) in promoting, marketing or recommending to another party a partnership or other entity, investment plan, arrangement or other transaction addressed herein.

Copyright 2017 Wink Tax Services / Wink Inc.
Last modified: January 30, 2017