You have five years to deduct it on future tax returns. Add lines 15 through 17. This amount represents your deductible gifts to charity and goes on line 18. There is never anything good when you're the victim of a casualty or theft. The IRS understands that, and allows you to recover some of your losses on your taxes.
Most taxpayers think they can deduct casualty losses only if they suffer catastrophic damages .
It's true that victims here get special tax options. But you don t have to live through a fire, flood, hurricane, tornado or earthquake to file a casualty deduction. Losses from theft and vandalism are eligible losses, as are any damages from an automobile accident as long as it wasn t the result of driver negligence. The next portion of Schedule A lets you take into account money you spent in connection with your job, as well as a variety of miscellaneous expenses. This catchall section, however, has a threshold you must meet before these expenses can be deducted.