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BikerHiker
Tax deductions for stolen motorcycle?
During September of last year, my motorcycle got stolen from the basement of my apartment building in California. Total estimated loss is around $6,000. Is there a way to claim the entire or at least partial loss in the 2007 taxes? I have copies of the police report as proof. Please help. Additional Details Update: Insurance didn't pay for the losses. I already declared as loss with California Department of Motor Vehicles.
You MAY be able to deduct it if you itemize your deductions.
See: http://www.irs.gov/taxtopics/tc515.html
The loss is reported on form 4864, and flows to line 20 of the Schedule A on your tax return.
As other person said, insurance comes into play here to determine if you can deduct it. However, Insurance proceeds are not taxable income to you.
Count Your Blessings
Yes, if you itemize your deductions (i.e., if they exceed your standard deduction). The deductible loss (calculated at the fair market value of the bike at the time of the theft) is reported on Form 4684 but the deduction is reduced by (1) any insurance payment(s) you may have received, (2) by $100 and (3) also by 10% of your AGI (adjusted gross income). AGI is found on the bottom line of your Form 1040, page 1.
Hope this helps.
nova_queen_28
This *MAY* count as a casualty/theft loss. But you really need to do the research.
In addition, you need to be able to itemize your deductions - otherwise it will do you no good to claim it.
Check out www.irs.gov and search for casualty and theft loss information.
MoB
Did you file an insurance claim on the bike also? Below is the website that gives you the formula for deducting personal property casualty losses. Remember though, the loss is limited by your adjusted gross income, so if you don't have enought to itemize on your tax returnd, just take the standard deduction.
Rob J
Yes it is possible to deduct the loss of personal property.
Judy1
If you itemize, you can probably deduct part of the amount as a casualty loss.
AnnieG
You might be able to deduct this as a "theft and casualty" loss. Read the details in the irs instructions.
Cate
No, I don't believe so. There is always that chance that the PD will recover it.
Did you receive an insurance payment for the loss of it? If so, that is considered income and you have to pay tax on it.
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