Medford, Ore.– If you’ve been a victim of crime with expensive property stolen or damaged, you might be eligible for a tax deduction, but it could be complicated.
Local CPA John Warekois says the property stolen or damaged would have to be worth $5,000 or more and meet a list of requirements.
“Sudden, unexpected and unusual are kind of the qualifying factors that happen and so generally a theft is something that meets those qualifications,” says Warekois. “One thing that is generally required is that a police report is filed.”
Warekois adds that often times after insurance proceeds are subtracted and the deduction is calculated there is often not much of a return for the loss.
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