Hi BH,
If personal property is stolen, can this loss be claimed when filing taxes? Based on what I could find, it looks like it can't unless the there is a declared state of disaster:
https://www.irs.gov/taxtopics/tc515
Or can it?
In my case, the item stolen was worth about $500, I tried selling the item online and lost it due to buyer payment fraud. No insurance was used, we take the standard deduction and do not itemize, am I able to claim anything for this?
Thanks!
Can theft of personal property be claimed on taxes?
Can theft of personal property be claimed on taxes?
Last edited by hoofaman on Sun Dec 05, 2021 10:02 am, edited 1 time in total.
Re: Can theft of personal property be claimed on taxes?
Been a long time since I looked at it but I think there is a threshold for casualty losses. 10% of AGI comes to mind but it should be spelled out in IRS pubs like Pub 17 or instructions for forms. Sometimes the forms themselves show the calculation of the threshold (e.g. medical section on Schedule A).
Don't trust me, look it up. https://www.irs.gov/forms-instructions-and-publications
Re: Can theft of personal property be claimed on taxes?
This was eliminated, effective 2018, except as related to a federally declared disaster.jebmke wrote: ↑Sun Dec 05, 2021 10:02 am Been a long time since I looked at it but I think there is a threshold for casualty losses. 10% of AGI comes to mind but it should be spelled out in IRS pubs like Pub 17 or instructions for forms. Sometimes the forms themselves show the calculation of the threshold (e.g. medical section on Schedule A).
Re: Can theft of personal property be claimed on taxes?
Do you have any recourse on the 'buyer payment fraud' aspect?