[{"data":1,"prerenderedAt":7},["ShallowReactive",2],{"faq-standard-4043":3},{"rec_id":4,"title":5,"text":6},"4043","Casualty and Theft Losses","Menu Path: \u003Ci>Deductions/Credits > Itemized Deductions > Casualty and Thefts\u003C/i>\u003Cbr>\u003Cbr>\r\nCasualty loss to nonbusiness property is only deductible if due to a federally declared disaster. A casualty loss from a federally declared disaster can be taken as an itemized deduction if the loss exceeds $100 and the total amount of all losses exceeds 10% of your adjusted gross income. Nonbusiness property casualty and theft losses not from a federal disaster can only be used to offset casualty and theft gains.\r\n\u003Cbr>\u003Cbr>\r\nCasualty and theft losses are losses from fire, theft, storm, hurricane, flood, sonic boom, earthslide, earthquake, or other sudden, unexpected, and unusual causes. Damage to your car resulting from a collision is also a casualty loss. Termite damage is not considered a casualty loss because it fails the \"suddenness\" test.\r\n\u003Cbr>\u003Cbr>\r\nAny money you receive from insurance, government, or other parties to compensate for the damage reduces the amount of loss you can claim on your tax return.\r\n\u003Cbr>\u003Cbr>\r\nYou may be able to deduct more if the loss is due to a \u003Ca href=\"/freefile2025/answers?faq=7614\">qualified disaster\u003C/a>.",1777391540549]