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March 19, 2025
Question

Theft loss of cash adjustment on the California state tax form

  • March 19, 2025
  • 1 reply
  • 0 views

I had a personal theft loss of $40800 dollars in cash that was not deductible on my Federal Form, because it was not part of a Disaster.  In the Turbo Tax step-by-step for calculating differences for the CA form, it states that "we have calculated that you have an additional personal casualty, theft and/or disaster loss of $24626.  This amount is deductible on your California return even though it was not allowed on your federal return.

 

Question 1.  On the Federal Form 4684 the $40800 was reduced by 10% of my adjusted gross income to $24626, even though $0 transferred to Schedule A, because it was not part of a Federally recognized disaster.    Does that mean I can only use a deduction of $24626 on my California taxes also?

Question 2.  Do I put the $24626 as a positive or negative number in the box for Casualty and Theft Losses from Personal Use Property Adjustment?

Thank you.

 

    1 reply

    March 26, 2025

    1. Yes.  California also reduces the deduction.

     

    2. Negative.

     

    @Mark180 

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