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nilsadahl
March 19, 2025
Question

I have a Theft Loss to report in accord with IRS Memorandum IRC 165 published March 14, 2025. But I cannot find a way to claim a standard theft loss(not federal disaster)

  • March 19, 2025
  • 1 reply
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I have a Theft Loss to report in accord with IRS Memorandum IRC 165 published March 14, 2025 (cryptocurrency fraud). But I cannot find a way to claim a standard theft loss in TurboTax (it's not a federal disaster, but it's still allowed under current tax law as I've entered into it for profit seeking motive).

    1 reply

    T
    ThomasM125
    March 20, 2025

    You enter the theft loss in the Deductions and Credits section, then Other Deductions and Credits, then Casualty and Thefts. You need to indicate that the theft was from Income producing property:

     

     

    Also that the property was owned for investment purposes:

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