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1 reply

DoninGA
DoninGA
Employee
June 12, 2020

Casualty and Thefts are no longer deductible on a federal tax return due to the tax code changes in effect for tax years 2018 thru 2025.  Unless they occurred in a Federally declared disaster area.

A
Anonymous
June 12, 2020

but business casualty losses are deductible.   for example theft of inventory.  if inventory was stolen, destroyed by fire, etc. FMV would be zero.   you'll have to determine FMV 

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