Items that I bought for sale were recently stolen from my car.can I use the sum total of these things lost on my tax form or returns?.any information would be hugely appreciated.
Real Estate Attorney
You should speak with your accountant about tax matters.
This is not legal advice and is not intended to create an attorney-client relationship. The post is only an opinion. You should speak to an attorney for further information. The poster is licensed only in CT & NY. You can reach us at www.hamadlawfirm.com. If this post is useful to you, please remember to upvote it.
Theft losses are deductible. Your can protect your claimed deduction by getting a police report reflecting the stolen items and to have proof of the cost of each item stolen.
John J. Morrison
No attorney-client relationship exists. IRS Circular 230 Notice: No advice in this communication, including any attachment hereto is intended or written to be used, nor can it be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.