Hopefully some of you tax gurus can school me.
My 1999 Civic EX was stolen 10 days ago, at this point I doubt I'll ever see it again. I've been reading into this, and from what I understand if the value of the stolen item is over 10% of your adjusted gross income (AGI), your can claim this and your taxable income is whatever minus the value of the item?
Example:
Car: $7000
AGI: $50000
Since $7000 > $5000, your taxable income would be $43k?
I know it's not much, but something's better than nothing. Oh and a big F U to lazy assholes who steal cars rather than earn money to buy their own.
My 1999 Civic EX was stolen 10 days ago, at this point I doubt I'll ever see it again. I've been reading into this, and from what I understand if the value of the stolen item is over 10% of your adjusted gross income (AGI), your can claim this and your taxable income is whatever minus the value of the item?
Example:
Car: $7000
AGI: $50000
Since $7000 > $5000, your taxable income would be $43k?
I know it's not much, but something's better than nothing. Oh and a big F U to lazy assholes who steal cars rather than earn money to buy their own.