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Can I deduct a car theft from my federal taxes?


Can I deduct a car theft from my federal taxes?

If it is used in a business you can. As a homeowner
though your expected to have insurance to replace the car.
That depends. I tried emailing you but it hasn't been verified. Casualty and theft losses are subject to 10% of your adjusted gross income plus $100........email me if you want me to run the numbers for you. Generally speaking if you have insurance unless you are low income you will not benefit from it.
I own four Jackson Hewitt Tax Service territories and have three offices! I am an expert on person income taxes.
Yes you can. This will be reported ultimately on schedule A under theft and casualty losses. You must fill out form 4684 as well. There are certain limitations however, so follow instructions carefully.
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