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Determining deductions from losses due to theft.?
I'm trying to figure out deductions from theft of the following items:
1. business computer adjusted basis-$0 FMV before $10,000 FMV after 0 Insurance Recovery 7,000
2. Bearer bonds adjusted basis 30,000 FMV before 32,000 FMV after 0
3. Silverware 7000 insurance recovery 2,000
4. cash adjusted basis 8,000 FMV before 8,000
AGI before these items is 50,000
2 Answers
- waggy_33Lv 61 decade agoFavorite Answer
First of all a police report would need to have been filed in order to prove the loss. Next your total loss is the lesser of the fair market value of the property stolen or your adjusted basis in the property. You then subtract from that number any insurance recovery amount, $100 and then 10% of your adjusted gross income. If you still have a loss then that amount is an itemized deduction shown on schedule A of your 1040. The amount will be a miscellaneous itemized deduction not subject to the 2% of adjusted gross income subtraction.
- Anonymous1 decade ago
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