The main difference between petit and grand larceny in Nevada lies in the value of the property involved. If the stolen property is valued at $1,200 or more, the crime is considered grand larceny, which is considered a felony offense. Grand larceny carries more severe penalties, including longer prison sentences and higher fines. However, if the stolen property is valued at less than $1,200, the crime is classified as petit larceny and is punished as a misdemeanor offense. Sealing of records is possible for both types of convictions. However, for cases related to grand larceny, the waiting period is longer and is at least 5 years after the case is concluded, as opposed to just one year for petit larceny.