what do I need to deduct a pickpocket incident last month where I lost $575?
2007-12-21 12:26:19 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You can't deduct theft. I suspect you may need to have someone prepare your taxes if you feel this to be the case.
2007-12-21 12:29:08 · answer #1 · answered by Anonymous · 0⤊ 2⤋
You need to hire a tax professional to do your taxes and explain what you can and can't deduct. More than likely you can't claim the loss of the $575 but you may be missing some other deductions that will benefit you. Take all of your income information (W-2s or 1099s), plus real estate tax and interest paid on the mortgage, charitable giving etc. etc. with you when you go.
You should have the W-2 by January 31. If you qualify for the other things they will probably be in your hands sometime in February.
2007-12-21 20:36:21 · answer #2 · answered by Othniel 6 · 0⤊ 2⤋
While you might technically be able to claim a casualty loss for that, the current rules would wipe out any benefit.
First, you have to subtract $100 from your loss. Then you must deduct 10% of your adjusted gross income. Anything left is deductible IF you itemize your deductions.
With a loss that size, any deduction would be wiped out if your income exceeded $4,750. If you had that little income you wouldn't have any tax liability to begin with so it's really a moot point that it is deductible.
2007-12-21 20:36:01 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Crimes and money loss is not a tax deduction.
sorry.
2007-12-21 20:36:05 · answer #4 · answered by palma 5 · 1⤊ 2⤋