My apartment was robbed of about $2100 worth of property in 2006 should I itemize this? And after looking for help with this online I'm suddenly confused on what a standard deduction means. What exactly is the $5,150?
2007-01-26 11:39:56 · 3 answers · asked by but_like_a_refugee 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
The $5,150 standard deduction is the amount you can claim if you don't itemize (claim specific deductions). Theft losses can be deducted subject to certain limitations if you itemize. That means you don't get the $5,150 standard deduction. First, you must subtract any insurance payments from the amount of the loss. Next, the loss is reduced by $100. Finally, your net loss is reduced by 10% of your AGI. In short, unless you have more than $5000 in itemized deductions without the theft loss, you are probably better of just taking the standard deduction.
2007-01-26 11:52:13 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
I'm sorry but you don't get to deduct for personal losses.
2007-01-26 11:44:02 · answer #2 · answered by Anonymous · 0⤊ 1⤋
i dont know
sorry trying to get points
2007-01-26 11:43:56 · answer #3 · answered by bokiera97wink 1 · 0⤊ 1⤋