Can I claim items that were stolen from me on my taxes?

Question

I had some things stolen out of my car. I made a police report but did not do an insurance claim. Can I deduct (or get some kind of credit) on my South Carolina taxes?

Answer 1

Best Answer - Chosen by Asker

Even though you did not put in an insurance claim, you must reduce your loss by the amount of any available insurance coverage that you have. So, you may as well do the insurance claim.

Your state tax will depend on your federal taxable income. You may be able to reduce your taxable income by taking a casualty loss. Your deduction is limited to the remaining loss after you subtract the available insurance reimbursement, $100, and 10% of your adjusted gross income.

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Asker's Comment:

Although tax stuff usually does not make any sense to me :) I think I can figure this out! thanks for you help and info

Answer 2

Yes, but ONLY the excess of the casualty loss floor. If the floor is $1,000 and you lost $500, worth of stuff, you can deduct nothing. If you lost $1,500, then you can claim $500. This is also an itemized deduction. therefore if you don't itemize, you can't claim it.

Answer 3

Yes if they are tax deductable items. You paid for them, and should be able to deduct them, even if you gave them away or they were stolen or resold!

Answer 4

Maybe.

First you reduce the loss by any insurance reimbursement. Then reduce it by $100. Then reduce it by 10% of your AGI. If anything remains, that is what you can deduct. Of course, that's only of any benefit if you itemize your deductions. More than half of all taxpayers don't have enough itemized deductions to make that worthwhile.

Answer 5

if you don't itemize, forget it
that would be included in your itemized deductions, under casualties, and very, very limited