I have a large documented theft loss for 2005. I did not take it because I waiting for the insurance proceeds. So I have to file an amended return.
Since it was a classic car, can take it as a capital loss so I don't have to take off the 10% of AGI.
Jack
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If the insurance company will reimburse you, although slow at best, just wait. No need to deduct a loss and have to report the reimbursements later as income.
I'm under the impression this was a personal asset and not one held for investment; right? So it's subject to the theft loss provision, i.e. the 10% shave. ChEAR$, Harlan Lunsford, EA n LA
And to make that pill a little more bitter, it's actually
10% of AGI + $100.Have something to add? Share your thoughts — no account required.
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