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3 years ago I had $350 stolen from my credit card that were not reimbursed. Can I claim these losses?

Forum|Forum|7 years ago
June 1, 2019
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I reported the wrongful use of my card, but I was out of the country, and missed the 3 month deadline to report the loss.

TurboTax Self Employed Online

Best answer by re2boys

First, a casualty loss (theft) would be reported in the year it occurred or was discovered. So you would need to amend your return from three years ago.

Secondly, any loss must first be reduced by $100, then be reduced by 10% of your adjusted gross income for that year. Any remaining loss is an itemized deduction. No tax benefit until your itemized deduction for that year exceeds your standard deduction.

In your case $350 minus $100 equals $250. So if you AGI is greater than $2500 that year, there is no loss allowed.

R

re2boysAnswer

Employee

First, a casualty loss (theft) would be reported in the year it occurred or was discovered. So you would need to amend your return from three years ago.

Secondly, any loss must first be reduced by $100, then be reduced by 10% of your adjusted gross income for that year. Any remaining loss is an itemized deduction. No tax benefit until your itemized deduction for that year exceeds your standard deduction.

In your case $350 minus $100 equals $250. So if you AGI is greater than $2500 that year, there is no loss allowed.