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Natural disaster affected; Stolen Property Tax write off?
I was in an affected by a hurricane Dorian, I had a 40,000$ boat stolen during the storm, I have no documents to prove that It's mine, no title, nothing, yet alone in my name. Is it possible to write them off of my taxes or is it a waste of time?
4 Answers
- SlickterpLv 71 year ago
No proof the boat is yours? No write off. Especially not for that much. You'd need all kinds of proof for a claim that large.
- 1 year ago
You need proof of the theft. Do you have a police report? If not and you are checked, there goes your deduction.
As I'm sure you know, it can't be just any natural disaster either -- has to be a Federally declared disaster area such as the one you mentioned..
- STEVEN FLv 71 year ago
ALL itemized tax deductions require PROOF.
If you can't prove you ever owned what you claim was stolen, you can't claim a deduction.
Note: The type of deduction you suggest is a MAJOR red flag for an audit.
Note2: If there is no title in your name, LEGALLY, you didn't own the boat.
- wombatfreaksLv 71 year ago
realistically, if you can't prove you had a boat and can't prove it was yours, no. having said that, if you were in an area that was declared in a state of emergency, there MAY be some different ways to declare loss. Make sure you are working with a tax professional that familiar with the topic
