and my insurance company might only cover a small portion since I was ill advised by my agent. I thank you in advance for your assistance.
2007-01-20 18:09:38 · 4 answers · asked by Beautiful Disaster 2 in Business & Finance ➔ Taxes ➔ United States
You can file a casualty and theft loss on your taxes by using Schedule A and Form 4684. You must be able to document that this was a burglary. Get a police report etc. to be safe.
Your deduction would be the original cost of lost items, less insurance reimbursement, less $100, less 10% of your adjusted gross income. This would be added to your other Schedule A deductions. You would benefit if your Schedule A total is more than your standard deduction.
I have also been kissed off by insurance agents but when I filed a claim it was paid. Good luck on that.
2007-01-20 18:26:16 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
Theft losses are an itemized deduction.
Unfortunately, you must reduce your loss by 10% of your AGI + $100. This is after you reduce it by any insurance proceeds.
So, yes it is deductable, but the actual tax benefit may not be that much.
2007-01-21 02:15:42 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
WELL THIS HAPPENED TO MY DAD AND HE SUED THE AGENT AND WON SO APART FROM TRYING TO CLAIM THAT ON YOUR TAXES YOU CAN LOOK INTO A LAW SUIT. I BELIEVE THAT YOU CAN CLAIM IT IF YOU GOT YOUR VALUABLES APPRAISED BY THE INSURES AGENT AND THEY SATED THAT IT WAS WORKS 11,000 AND THERE ONLY COVERING A CERTAIN PERCENTAGE. Hope THAT WILL HELP you BYE.
2007-01-21 02:16:15 · answer #3 · answered by TrustinGod 1 · 0⤊ 0⤋
If you itemize, you might be able to take it as a casualty loss. If you don't itemize, you can't take it.
2007-01-21 02:17:14 · answer #4 · answered by Judy 7 · 0⤊ 0⤋