If money is stolen from you can you write it off on your taxes?

Answer 1

You can write off any property that is stolen, but there are many hurdles that need to be over come to do it.

This example assumes that the cash is for personal purposes. Business and Investment properties have different rules. In order to get the write off the money needs to be over $100 plus 10% of your Adjusted Gross Income. What ever is left is added to the rest of your deductions on schedule A. If that amount is above your standard deduction then you can claim it.

It will be up to you to somehow prove how much cash you had and that it was really stolen. You will need to file a police report.

If you have a homeowners or renters insurance policy check to see if it has a clause for missing money. Most do up to a certain amount without a deductible.

Answer 2

I dont think money is deductable

1 Its hard to prove exact amounts
2 You would have had to file a police report stating the loss in a regard.

Answer 3

You might be able to claim a casualty/theft loss if you itemize. You'd need some proof of the loss, and would have to subtract $100, then subtract 10% of your AGI, from the loss and only claim the remainder of it.

Answer 4

Yeah, I think that part is found in section DP1981 of the Lie R S code-should be on your 4010, 1040, whatever it's called.