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Taxpayers who experience a theft loss can deduct the value of the loss, so long as the value of each theft loss is greater than $100 AND the total amount of all theft losses sustained in a tax year is greater than 10% of your Adjusted Gross Income. The total deduction for theft losses are recorded on Schedule A of Form 1040. Taxpayers are also able to deduct personal casualty losses that are the result of vandalism, fire or flood to your home, car, boat or other property. IRS Form 4684 - Casualties and Thefts should be completed and submitted with your tax return in order to claim this deduction. |
